The long road to recovery continues for an independent/assisted living community in Tuscaloosa, Alabama. Built in 1998/2000 and non-performing since the Great Recession, the community saw trailing-12 months occupancy around 73%, but that had improved to 90% by the time of the sale, and was climbing. However, the operating margin could definitely be improved from 11% on approximately $1.37 million of revenues. There are 40 units of assisted living in one building, and 12 IL units in a second building on the 11-acre site. A not-for-profit group is the seller, which may explain the higher expenses. A joint venture between a private REIT and a regional operator based in Mississippi was the buyer, paying $3.8 million, or $73,077 per unit. Brad Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the transaction.
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