Here’s something we may be hearing more of next year. Increased competition, lowered census and staffing issues prompted one owner of an assisted living/personal care community in Southwest Pennsylvania to retire early from the business. Built in 1965 and renovated in 1997, the 58-unit community had a history of strong profits and high occupancy until 2015 when the aforementioned trifecta of issues hit the business.
Working on behalf of the seller, Joe and Jim Knapp of Marcus & Millichap’s Knapp Group and Robert Villeneuve of M&M’s Washington, D.C. office found a buyer with experience in value-add projects in western Pennsylvania. They paid $3.6 million, or $62,000 per unit, in cash and closed on the deal 30 days after the contract was signed.
