Jeff Binder, Brad Clousing and Ryan Saul of Senior Living Investment Brokerage represented a public REIT in their divestment of a Grand Rapids, Michigan-area assisted living/memory care community as part of a broader repositioning effort with its existing tenant portfolio. Built in 2001, the community is located in the town of Kentwood, about 10 miles south of Grand Rapids. With 103 licensed beds in 81 units, the community was struggling, with just 58% occupancy at the time of marketing and a loss of about $100,000 on $2.52 million of revenues.

The new owner, Illinois-based Pathway to Living (formerly Pathway Senior Living), plans to invest capital into the physical plant and add services to improve occupancy. They paid $7.5 million, or about $92,600 per unit, leaving plenty of room for improvement for Pathway’s entry into the Michigan market.