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17.95 MILLION SKILLED NURSING FACILITY SALE ARRANGED BY IPA
LAKEWOOD, Colo., March 9, 2015– Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Bethany Rehabilitation Center, a skilled nursing and short-term rehabilitation facility in Lakewood, Colo. The $17,950,000 sales price equates to $105,600 per licensed bed.
IPA executive director Mark Myers, IPA senior director Joshua Jandris, and IPA associate director Charles Hilding advised the seller. Richard Bird, vice president and regional manager of Marcus & Millichap’s Denver office is the firm’s broker of record in Colorado. CareTrust, the buyer, entered into a triple-net lease with Eduro Healthcare LLC, which took over operations on Feb. 1.
“The CareTrust team worked closely with the existing owner/operator and IPA to close the deal and ensure a smooth and successful transition to the Eduro team,” says Jandris.
The 56,502-square-foot Bethany Rehabilitation Center is located at 5301 West 1st Ave. in Lakewood, approximately five miles southwest of Denver and within five miles of the 393-bed Denver Health Medical Center. The property was built in 1969 on four acres, has 170 active beds and is licensed for 50 additional beds.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.
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