Bob Gaines of Colliers International headed to Maryland’s Eastern Shore to sell a 32-bed assisted living/memory care community. Located in the upscale 55+ beach community of Ocean Pines, which features amenities like an 18-hole golf course, two marinas, five swimming pools, a yacht club, country club, tennis club, hiking trails and, of course, beach access, this property was previously owned by a well-known local operator. Built in 2001, it consists of two 9,600-square foot buildings, each with 16 private units.
Mr. Gaines sold the property to a private owner/operator intent on improving the operating margin, which was apparently already strong. The purchase price came to $5.5 million, or $171,900 per unit. There is also a sister community with 35 condo units and a 49-bed assisted living community also situated in Ocean Pines. That property has yet to sell.
