The team at Evans Senior Investments is having quite the year, having already well surpassed its 2017 activity in both deals and dollars. Since the start of the year, ESI has closed 10 transactions for over $200 million in deal volume. Its latest transaction was also its largest for the year, when the firm represented the independent owner/operator of a 148-unit independent/assisted living in Everett, Washington (Seattle MSA), for $50.5 million, or $341,200 per unit.
Located in an affluent Seattle suburb and boasting a host of amenities including a theater, billiards room, beauty salon and 24-hour bistro, the 15-year old community has a majority of IL units, although every unit was designed to accommodate assisted living residents. That offers an opportunity for the incoming owner to apply for additional AL licenses. In fact, a conversion may be one of the few avenues to add value, as the community was already operating well at a 45% trailing 12-month EBITDAR margin, with 95% occupancy and a 100% private pay census. A national private equity firm stepped in as the buyer, hiring Artēgan to operate the community.