A buyer has the potential to get even more bang for their buck when it purchased a 51-unit assisted living/memory care community in Thonotosassa, Florida (Tampa MSA). The community, built in 1963, was extensively renovated and converted to AL/MC in 2008, giving it the look of a purpose-built asset. The building has large-enough floor plans, and the physical plant capability, to increase the building’s bed capacity and grow revenues. Those plans, however, were not pursued by the single-asset owner that was looking to exit the market. There were still some immediate capex needs, some deferred maintenance and an inconsistent operating history at the community. The buyer, a private capital group, paid $5.15 million, or $100,980 per unit (with a 9.4% cap rate), for the property and will bring in a regional operator to manage. Bradley Clousing of Senior Living Investment Brokerage handled the transaction.
SLIB does Thonotosassa
