A West Coast-based private equity group is divesting itself of a 30-year old independent living community in Garland, Texas (Dallas MSA). Built in 1984, the 111-unit community had received numerous renovations over the years and was in good shape. Its occupancy (around 83%) and operating margin (approximately 18% on $1.7 million of revenues) however could be improved. Rod Llanos and Heidi Castiglione of Marcus & Millichap represented the buyer, a regional Texas owner/operator looking to add to their holdings in the area. The seller will maintain a handful of properties in the state despite this sale. Mark Myers, Ryan Fleming and Joshua Jandris of Marcus & Millichap represented the seller in the transaction.
Divest in Dallas
