New Senior Divests Struggling Pittsburgh Property

With its Pittsburgh, Pennsylvania senior living community in danger of losing its license, New Senior Investment Group decided to divest the troubled asset, selling to an area not-for-profit for nearly half of what it originally paid for the property in 2013. The community’s operator, Oregon-based Blue Harbor Senior Living, had received a number of violations and operated it on a provisional license that meant that only 80 of its 164 units could be occupied. That could make anyone a motivated seller.

So, six years after SNR acquired the community from the original developer for approximately $15.6 million, they decided to sell to Vincentian Collaborative System, a faith-based not-for-profit operator of senior living communities in the area, for about $7.5 million, or $45,700 per unit. Vincentian’s first job will be to get the community operating at full capacity again. They also have about $1 million of capital improvements in store for the property.

 

 

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