NoVa Skilled Nursing, Rehab Center Sells for $13M
- Mar 06, 2018
A publicly traded REIT has acquired the 45,654-square-foot Mount Vernon Nursing & Rehab Center (MVNRC) in Alexandria, Va. A local family owner and operator exiting the industry disposed of the full-service rehabilitation and skilled nursing facility in a $13 million deal facilitated by Avison Young.
The property is located at 8111 Tis Well Drive, in the southern part of the city. Downtown Alexandria is a 16-minute drive away, while Washington, D.C., is 15 miles north of the sproperty. The facility is also within walking distance of Inova Mount Vernon Hospital, being surrounded by five medical office buildings.
MVNRC includes 69 rooms and 130 licensed beds, offering rehabilitative, skilled nursing and therapy services. The senior center is a partner of Inova Health Systems and has earned a five-star rating the past three years from the Centers for Medicare & Medicaid Services. Despite its acknowledgements, the property has recently generated negative cash flow, with currently only 100 beds in use.
The Avison Young team including Principal Jim Kornick and Vice President Dan Baker represented the seller, generating 12 offers. The asset finally traded for $1 million more than the original asking price. The new owner will lease the facility to a regional operator.
Image courtesy of Avison Young