The subject properties are located in Peru, Indiana (North Central Indiana) on the Grissom Air Reserve Base. The United States Navy established the Naval Air Station Bunker Hill in 1942 and closed it after World War II ended. The United States Air Force reopened the base in 1954 as Bunker Hill Air Force Base. The rehabilitation center and Catered Living are synergistically located just blocks from one another, supporting a referral source between the two assets.
Caring Hands is a very well maintained, 92-bed skilled nursing facility located just off of U.S. Route 31 and Indiana Route 218. The building was originally constructed in 1958 with an addition in 1970 and many improvements and remodels over the years. In 2013, Caring Hands experienced an average census of 79.1%, and an average quality mix of 33.9%. Gross revenues were equal to $7,111,000, of which approximately $6,158,000 is before the additional UPL revenue. The current cash flow to the buying group (landlord/manager) is $983,717.
Catered Living is a 37-unit assisted living facility located approximately 0.5 miles from Caring Hands on the Grissom Air Force Base. The two-story 55,983-square foot building was originally constructed in 1986. The subject property recently entered into the Indiana Medicaid Waiver program.
The facilities sold for a combined $6.5 million: $5.5 million allocated to Caring Hands and $1 million allocated to Catered Living.
Christopher Hyldahl was the lead advisor on the transaction, representing the seller as well as confidentially sourcing the buyer.