Closing in Cordele

The sole assisted living community in Cordele, Georgia, sold to Omega Healthcare Investors when its Florida-based partnership owner decided to exit the Georgia market. Built in 1987 and 1996, the community features 38 personal care and eight independent living units, and has historically been well occupied, currently standing at 93%. Its 20% operating margin on approximately $1.4 million of revenues could be improved, and the buyer, with Fellowship Senior Living (its existing South Georgia operating partner), is planning on $500,000 in capital improvements. The purchase price comes in at $2.5 million, or $54,348 per unit, with a 12% cap rate. Brad Clousing and Patrick Burke of Senior Living Investment Brokerage handled the transaction.

 

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