Marcus & Millichap’s Mike Pardoll crisscrossed the Southeast to close two transactions. First, Mr. Pardoll sold a 99-unit independent living community in Durham, North Carolina for $15.8 million, or about $160,000 per unit, with a 6.3% cap rate. Originally built as a hotel in 1985, the building was purchased in 2012 and converted to independent living in a multimillion-dollar renovation. It was clearly the right move, with occupancy reaching 100% and the operating margin currently at 32% under management by Meridian Senior Living. The community features an interior courtyard with an in-ground pool, bocce court, putting green and community garden, among other amenities at the property. Focus Healthcare Partners was the buyer.

Then, in Fairhope, Alabama (just south of Mobile), Mr. Pardoll assisted a private individual owner in its disposition of a 131-bed skilled nursing facility for $6 million, or $45,800 per bed. Built in 1928 but renovated in 1980, the facility currently operates with just 85 beds, at 71% occupancy with a 31% private pay, 59% Medicaid and 4% Medicare census. The seller previously leased the facility to a third-party operator, who agreed to terminate the lease with the sale. Birmingham, Alabama-based Noland Health Services, a not-for-profit that specializes in long-term acute care hospitals and senior living communities, thus acquired both the real estate and operations in the transaction. Noland will look to improve both occupancy and the 3% operating margin.