Heavenrich Announces Sale of 118-bed Skilled Nursing Facility in Dallas

Chicago, IL, May 6, 2019 – Heavenrich & Company is pleased to announce the sale of Lakewest Rehabilitation and Skilled Care, a 118-bed skilled nursing facility in Dallas. Heavenrich managed the successful transaction on behalf of the seller, StoneGate Senior Living.

Lakewest Rehabilitation and Skilled Care is located in the West Dallas neighborhood of Lake West and is part of an affordable CCRC campus developed in cooperation with the Dallas Housing Authority. This attractive campus is a prime example of a successful cooperative effort between a city and a senior housing developer/operator which now offers its residents affordable options for senior care. It will become a template for future affordable senior developments.

Heavenrich was selected for its expertise and relationships in the Texas market. Heavenrich received multiple bids and the seller ultimately selected CareTrust REIT for its reliable execution and interest in expanding its platform with a new operator in the region. The facility will be leased to Next Gen P, LLC under a master lease with an initial lease term of 15 years, with two five-year renewal options and CPIbased rent escalators. The purchase price was approximately $10 million or $84,750 per bed.

Based in Chicago and celebrating 25 years in business, Heavenrich & Company is one of the first dedicated, boutique senior housing investment brokerage firms in the country. The firm exclusively brokers the sale of public and privately-held independent living, assisted living, memory care and skilled nursing organizations.

For more information, contact:

Adam Heavenrich, Managing Director
Heavenrich & Company, Inc.
203 N. LaSalle Street, Suite 2100, Chicago, IL 60601
phone: 312.558.1590  
email: adam@heavenrich.com or brian@heavenrich.com
 website: www.heavenrich.com

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