Evans Senior Investments closed out May by closing the sale of two private pay senior living communities in Arkansas for a combined $37.965 million, or $183,000 per unit. Located in the towns of Rogers and Bentonville (about 10 miles apart), the communities totaled 56 independent living cottages, 116 assisted living units and 36 memory care units, all with private bathrooms and modern finishes.
Built a few years ago, the Rogers community was 77% occupied, with a 24% EBITDAR margin over the previous 12 months, while the Bentonville community had only just opened in 2017 and was still leasing up. The seller was a regional owner/operator (represented by ESI). A joint venture between Bridgewood Property Company and Harrison Street Real Estate Capital emerged as the buyer and will bring on Texas-based Retirement Center Management to stabilize and manage the communities. Aron Will from CBRE arranged a five-year floating-rate acquisition loan from a regional bank to fund the deal.