The original developer of a senior living community in Lawrenceville, Georgia was looking to move on to other development opportunities in North Georgia and hired Brad Clousing of Senior Living Investment Brokerage to exit the asset.
Built in stages in 1992, 1996 and 2006, the community consists of two buildings, one of which has 32 units each of assisted living and memory care and one that contains 61 independent living units. Also, between 2012 and 2013, it underwent a $1.0 million renovation that saw the addition of a new roof, entertainment room, gutters, updated landscaping, lighting and windows. Its license was updated from a personal care one to assisted living, too.
Occupancy was strong, at 91%, and the community operated at a 36% margin on approximately $3.75 million of revenues. Stepping into the already well-oiled machine was a Florida-based regional owner/operator, Mainstay Senior Living, which now has 15 locations throughout the Southeast. In addition to receiving the purchase price of $15.75 million, or $126,000 per unit (at an 8.6% cap rate), the seller provided a $2.0 million note for the capex that will soon be completed on the property.
