Brad Clousing of Senior Living Investment Brokerage sold a brand-new assisted living/memory care community in Blue Ridge, Georgia, which is already 100% occupied. In fact, the community filled in just 30 days after its October 2016 opening and has more than 20 people on the wait list with deposits made. Quite impressive. A local developer/operator built the community with 50 AL and 17 MC units, but the buyer, a joint venture between a Maryland-based fund and a Florida-based operator, plans to build a Phase II in response to the strong demand. And why not, with the community already operating at a 41% margin on approximately $3.1 million of revenues. Mr. Clousing sold the community for $17 million, or $253,700 per unit, with a 7.5% cap rate.
After Filling in 30 Days, Georgia Assisted Living Community Sells
