Richmond, Virginia — A New York operator has expanded again in Virginia, buying two skilled nursing facilities tied to a major healthcare real estate owner for a combined $82.4 million, according to industry reports and local property records.
Hill Valley Healthcare acquired Lakeside Health & Rehabilitation for $46.5 million and Rosedale Health & Rehabilitation for $35.9 million. Both properties provide short- and long-term nursing care, including Alzheimer’s and dementia services. Lakeside spans about 99,000 square feet, while Rosedale totals roughly 40,600 square feet.
The seller in both transactions was an entity affiliated with Welltower, the Ohio-based real estate investment trust that has long held a large footprint in senior housing and post-acute care. Property records cited by industry sources show Welltower bought Rosedale in 2003 for $11.9 million and Lakeside in 2004 for $2.5 million.
Another expansion move in Virginia
Hill Valley finalized the purchases Jan. 13. The company, founded in 2018 and based in the Five Towns area of western Long Island, now owns 39 facilities across six states, according to federal data cited in the report. It had already entered the Richmond market with its 2022 purchase of Forest Hill Health & Rehabilitation for $18.4 million.
That pattern matters for operators watching regional scale. Buyers that already know a state’s labor market, referral channels and regulatory climate often have an edge when assets come up for sale. It’s the same kind of consolidation logic behind other recent deals involving Welltower-affiliated Virginia nursing homes, even as pricing and approval timelines keep shifting.
The two Richmond-area properties were most recently assessed at $7.8 million and $13.5 million, respectively, well below the reported sale prices. That gap can reflect a mix of factors, including operating upside, replacement cost, strategic location and the value buyers place on existing licenses and in-place beds.
For the broader skilled nursing market, the transaction is another reminder that capital is still moving toward operators willing to grow through targeted acquisitions. Even with tighter financing conditions and heavier scrutiny around transactions in some states, buyers with established platforms are still finding ways to add buildings in markets they already know.
