Closing his second senior living transaction in Savannah this year, Brad Clousing of Senior Living Investment Brokerage sold a large senior living community located just 10 minutes away from the historic center downtown.
Built in 1986 and 1998, the 209-unit community features a majority of independent living units (146), but assisted living and memory care rooms too. Plus, the previous owner, HJ Sims, recently converted its personal care license to an assisted living license, giving the buyer added flexibility when it comes to acuity types. That should help as they embark on a plan to increase occupancy (from its current 74%) and boost the operating margin (from about 16% on $4.9 million of revenues).
A partnership between Equus Development and Thrive Senior Living emerged as the buyer, paying $13.22 million, or $63,300 per unit, at a 6.1% cap rate. Some physical plant upgrades are also in store for the community.