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.
