After developing and stabilizing its 40-unit assisted living community in Richland, Mississippi, a local owner/operator decided to exit the asset with the help of Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage. The seller built the community in 2014 and licensed it for 55 beds in a mix of private and semi-private units. Occupancy was 91%, and it operated at a solid 34% margin.
The incoming owner/operator, based in Tennessee, will undoubtedly look to add value to the property as it grows its existing portfolio and economies of scale in the state. They acquired the Richland community for $4 million, or $100,000 per unit, with an 8.75% cap rate.
