Senior Living Investment Brokerage’s Brad Clousing helped a private fund divest an assisted living/memory care community in Marietta, Georgia that did not fit into its geographic criteria. Built in 1995, the 56-unit community was just 59% occupied and operated at a 2.5% margin on under $2.2 million of revenues. Paying $7.06 million, or $126,100 per unit, a regional operator based in Atlanta is the new owner.
Then with Daniel Geraghty, Mr. Clousing sold a 96-unit independent/assisted living community in Due West, South Carolina. It too struggled with occupancy, at just 72%, and it didn’t help that its not-for-profit owner was in financial distress. However, the new owner, a partnership between a South Carolina-based operator and a North Carolina-based equity provider, has already gotten the community back on track to stabilization. They bought it for $5.5 million, or $58,000 per unit. Last month, Mr. Clousing also sold a 183-unit senior living community in Vista, California. A national owner/operator bought it for an undisclosed price.