A relatively new assisted living community in Vancouver, Washington was already under control of a Receiver when it was sold to a regional operator for $7.5 million, or $156,250 per unit, with an 8.7% cap rate. Built in 2013 by Oregon-based Elite Care, the 48-unit community was just 73% occupied by 2016. And even though it was operating at a 22% margin on approximately $3 million of revenues, the community was placed under receivership and slotted for sale. The new owner plans to invest in capital and cosmetic improvements, as well as convert some employee apartments to senior living units. Matthew Alley, Jeff Binder and Jason Punzel of Senior Living Investment Brokerage represented the Receiver in the transaction.
Give and Receive
