Tyler Merrill of Merrill Commercial Real Estate sold a 44-unit memory care community in Sparks, Nevada, representing a single-asset owner/operator in the disposition. This was the seller’s last seniors housing asset, as it was looking to focus on a less operations-intensive real estate class. However, it appears they are exiting at the right time, and at a good price.

Mr. Merrill sold the community for $10 million, or $227,300 per unit. Built in 1996, it features 77 beds in 44 units, and was 86% occupied with a 100% private pay census. The seller had put $750,000 of capex into it in 2015, which almost certainly helped boost the price. A Northwest-based operator looking to expand their footprint in Nevada was selected as the buyer.