Evans Senior Investments sold a portfolio of three new assisted living/memory care communities in the Salt Lake City, Utah metro area known as The Abbington Senior Living Portfolio. Totaling 229 units, split between 174 assisted living and 55 memory care, these communities were developed in the last five years, but two of the properties were still in the final stages of lease-up at the time of the sale. Occupancy averaged 85%, with a 93% private pay census, and the portfolio generated a 28% EBITDAR margin in the trailing 12 months. One community was subject to a long-term land lease.
A real estate private equity company sold the portfolio to an East Coast-based REIT stepped in to purchase the portfolio, paying $49 million, or $214,000 per unit. Based on pro-forma figures, that represented a 6.2% cap rate, giving the buyer some room to add value going forward. Evans is no stranger to selling in Utah, having closed over $146 million in asset sales in the state.
