LCS is selling its 232-unit senior living community in Hoover, Alabama, almost exactly three years after acquiring it in a joint venture with Walton Street Capital. LCS still left its mark at the community, converting 24 assisted living units to memory care in 2015. Built in 2009, the community currently features 160 independent living, 48 assisted living and now 24 memory care units on its 17-acre campus. Monthly rents averaged $4,148 for independent living, $4,700 for assisted living and $5,500 for memory care.
The average income in Hoover (just outside of Birmingham) exceeds $110,000 per household, making it one of the wealthier areas of the southeast. So, the facility hasn’t had a problem staying filled, with occupancy of 96%. Ryan Maconachy, Chad Lavender and Dave Fasano of HFF handled the transaction, while Sarah Anderson of HFF arranged acquisition financing for the undisclosed buyer.