Capitol Seniors Housing saw potential in a well performing senior living community in Seattle, Washington, shelling out $26 million, or $218,500 per unit, for it. Built in 2006, the four-story, 119-unit building has mostly assisted living, with some independent living, as well as 20 memory care units. Also, with the owner both developing the property and running it himself, occupancy has historically been between 85% and 90%. However, there is room for improvement. Capitol Seniors Housing plans to invest up to $2.5 million on remodeling and upgrades and will hire Milestone Retirement Communities to operate. Plus, the buyer plans to convert the IL units to AL and memory care while also raising unit rates, which were considered to be below market. So under new management, assuming the higher rents and a 95% occupancy rate, annual revenues and EBITDA should improve from $4.6 million and $1.4 million, respectively, estimated in year one, to at least $5.5 million and $1.8 million, respectively. To fund the acquisition and upgrades, Aron Will of CBRE secured a $19.084 million non-recourse floating rate loan, with a three-year term and 24-months of interest only. Cushman & Wakefield represented the seller in the transaction.