Private equity firm pays $32.9 million for fully leased, 50-bed facility in Austin
By John B. Mugford
Central Texas Rehabilitation Hospital, which opened in April 2012 in Austin, Texas, was recently acquired by an affliate of Norvin Healthcare Properties of New York.
Photo courtesy of Prevarian Hospital Properties
New York-based Norvin Healthcare Properties recently gained a foothold in the Austin, Texas, market by purchasing the 60,000 square foot, three-story Central Texas Rehabilitation Hospital (CTRH) from an affiliate of Dallas-based Prevarian Hospital Partners.
The price was $32.9 million. CTRH, which opened in April, is located at 700 W. 45th St. in Austin’s well-known Triangle district, just a short distance from Seton Medical Center Austin.
The rehab hospital is 100 percent leased by a joint venture of Kindred Healthcare Inc. of Louisville, Ky., and Austin-based Seton Healthcare Network.
“We were very attracted to this acquisition opportunity because of the rock-solid reputations of the joint venture tenants,” Norman K. Livingston, president and founder of Norvin Healthcare Properties, said in a statement. “Seton is the leading not-for-profit, integrated health system in Central Texas and Kindred is the nation’s largest post-acute care provider.”
Mr. Livingston added that Austin remains one of the country’s fastest growing large cities, “and demand for rehabilitation services tends to grow with population.”
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