In 2014, we saw record-high average prices paid for seniors housing communities (which includes both assisted living and independent living). One observation was that those records were largely driven by a higher number of quality, well-run (and thus, high-priced) independent living communities coming onto the market, presumably by owners who wondered if there will ever be a better time to sell. One tell-tale sign of the high-quality independent living sales driving up average prices was the average net-operating income per unit when compared to that of purely assisted living. Based on 2014 sales, the average net-operating income per unit for independent living communities was $17,100, compared to $13,600 for assisted living. While assisted living, because of its higher acuity, may bring in more revenue per unit, it all comes down to cash flow, and buyers will pay premiums for high and sustainable levels of cash flow per unit.