Private equity firm pays $32.9 million for fully leased, 50-bed facility in Austin
By John B. Mugford
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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