IPA Sells Beaver County, PA Nursing Home for $33.5 Million

  

Friendship Ridge Nursing Home, 246 Friendship Circle, Beaver, PA

Mark Myers

BEAVER, PA – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Friendship Ridge, a 605-bed nursing home in Beaver, Pa., a suburb of Pittsburgh and the seat of Beaver County.

The sales price is $33.5 million.

            IPA senior director Joshua Jandris and IPA executive director Mark Myers, along with IPA associate Charles Hilding and Matthew Gorman, a vice president investments in Marcus & Millichap’s Philadelphia office, represented the seller, Beaver County, Pa. 

The buyer is a private consortium of owners and investors based in New Jersey and New York.

            “The new ownership group has more than 50 years’ experience in long-term care and is eager to begin operating in Pennsylvania with Friendship Ridge as its initial investment,” says Jandris.

Matthew Gorman

 “The state’s strong reimbursement system is especially attractive for investors from New Jersey and New York where the introduction of managed Medicare is creating uncertainty.”

            “The opportunity to acquire a large concentration of beds in a major Pennsylvania metropolitan area generated significant interest in the property,” adds Myers.

 “The asset’s large size means that incremental revenue increases and expense management strategies can greatly impact the bottom line.”

            Friendship Ridge is located on 25 acres 246 Friendship Circle in Beaver, Pa. Additional acreage is available for expansion. The facility has been in operation since 1959.

 For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716