Two Utah Assisted Living Communities Sell

Paying $26.5 million, or $236,500 per unit, a real estate investment firm acquired two assisted living communities in southern Utah. Under “The Retreat” brand, these communities are both located in the town of St. George (in Washington County). Built in 2012, The Retreat at SunRiver has 48 units (36 assisted living and 12 memory care) on 1.72 acres, and the 64-unit Retreat at Sunbrook (50 AL and 14 MC units) sits on 2.38 acres and features unique amenities such as a putting green, bocce ball court and water landscaping. Occupancy exceeded 90% at both communities, and the operating margin was above 40% throughout the transaction period. Meridian Senior Living will lease the communities from the buyer, and Evans Senior Investments handled the transaction.

 

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