DePaul Health Care recently sold a skilled nursing facility portfolio that includes Absecon Pavilion in Absecon and Angela Jane Pavilion and River’s Edge, both in Philadelphia. — Courtesy: Marcus & Millichap
By Joshua Burd
A developer has sold three nursing home facilities in the region, including one in Atlantic County, under a set of transactions brokered by Marcus & Millichap.
The firm represented DePaul Health Care in its sale of the properties, which include the 162-bed Absecon Pavilion at 1020 Pitney Road in Absecon, according to a news release. The buyer, Paramount, also acquired Angela Jane Pavilion and River’s Edge, both in Philadelphia, which include 49 beds and 120 beds, respectively.
Mark Myers and Joshua Jandris, who are both part of Marcus & Millichap’s Institutional Property Advisors division, brokered the transaction. They noted that Paramount — which owns and operates skilled nursing facilities in New York, New Jersey, Pennsylvania and Maryland —completed the financing and closing with the assistance of Lazmor Capital and Ziegler Investment Banking.
Terms were not disclosed.
The DePaul family, a Philadelphia-based developer of residential communities and health care businesses, sold the properties after having built and owned them for decades. The facilities were operating at breakeven at the time of the sale, the brokers said, noting that the new operator will implement improved marketing and services and create staffing efficiencies to increase earnings.