CBRE’s Daniel Morris, working out of the Oklahoma City office, sold a 120-unit assisted living community in Bethany, Oklahoma for $4.4 million, or $36,700 per unit. Settling an estate, the original developer sold the community, which was only 60% occupied and losing money at closing.
The buyer, a local investor group, will oversee an extensive $1.0-$1.5 million cosmetic renovation to the property and may convert one of the two stand-alone buildings to either high-acuity assisted living or memory care. Assuming there is a market for those residents, that should help increase the community’s value.
