A 122-unit entrance-fee independent/assisted living community in Marietta, Ohio sold to a faith-based not-for-profit for a net purchase price of $4.4 million, which excludes the assumption of about $6.8 million of entrance fee liabilities. Built in 1997, the community features 60 IL units, 9 IL villas, 48 assisted living units and five IL units that are used for guests. The property was cash flow positive during the Recession (a difficult ask for any entrance fee community) and today operates on a 27% margin, which may improve if the buyer can increase occupancy. The villas are fully occupied, with the IL units at about 87% occupancy and the AL units at about 85% occupancy, for a combined occupancy of 88%. Entrance fees ranged from $72,500 to $110,500 for 50% to 65% refundable deposit plans and from $92,500 to $137,500 for 90% to 95% refundable deposit plans. Marietta Memorial Health System, the owner, was also looking to sell its skilled nursing facility in a separate transaction. Evans Senior Investments represented the seller in the transaction.
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