The Greystone Real Estate Advisors team of Mike Garbers and Cody Tremper recently represented a REIT owner in its sale of a 57-unit assisted living community in Marietta, Georgia. The community was considered to be a value-add opportunity for the new owner, a joint venture between an institutional investor and Surpass Senior Living. Built in 1998, it was on the older side in the overdeveloped Marietta market and could improve operationally. But, the new owner plans to invest some capital in the building to spruce it up. No purchase price was disclosed.
The deal comes on the heels of two large closings for Greystone north of the border, including Chartwell Retirement Residences’ purchase of five retirement communities (one of which is a development) in the greater Edmonton, Alberta-area for around $327.9 million and Sienna Senior Living’s $307.5 million acquisition of 10 retirement communities in Ontario.
