Evans Senior Investments traveled to Danbury, Connecticut to sell an assisted living community with a lot of room for improvement, operationally. Built in 2000, the 48-unit community was independently owned and operated but ran with unusually high expenses. Cash flow was still positive, but the operating margin fell just below 12%. Occupancy averaged 85% over the last 12 months, with a 100% private pay census.
The new Maryland-based owner/operator expects to immediately improve profitability and paid $9.75 million, or $203,000 per unit, for the property.