Already the second deal closed in the Montgomery, Alabama area in recent weeks (following Birchwood Health Care Properties’ purchase of a 64-unit memory care community for $4.75 million), Legacy Senior Living spent $3.3 million, or $113,793 per unit, to acquire a 29-unit memory care community in Prattville. Built in 1999 with an addition in 2005, the property was 94% occupied and operated at a 23% margin on approximately $1.3 million of revenues. Plus, with limited competition in the area and a consistently high census, there is an expansion opportunity. Mike Pardoll of Marcus & Millichap represented the seller, a group of private investors, in the transaction.
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