Ken and Damien Carriero of Colliers International successfully closed the sale of a small 16-unit assisted living community in Vero Beach, Florida for $2.45 million, or about $153,100 per unit. Built in 2000, the community was family-owned and operated for the past 13 years. With more of a boutique-feel, it features all semi-private units and earned approximately $300,000 in annual net income, or about $18,750 per unit, per year. So, most units were double-occupied.
The buyer owns and operates several other assisted living communities on Florida’s west coast, but just one other on the east coast (Fernandina Beach). So, this acquisition helps grow its presence on the Atlantic side. The community sold for a 12.25% cap rate.
