Evans Senior Investments closed out its 2019 with a seniors housing closing in Minnesota. Situated next to a lake about 20 miles from Minneapolis and St. Paul, this community features 48 units of assisted living and memory care. Owned by Coventry Senior Living and operated by Ebenezer, it was built in 2011 with a host of amenities such as fireplace lounges, a spa room, beauty salon and secured balconies on each floor.
Ebenezer, Minnesota’s largest senior living operator and the seniors housing division of Fairview Health Services, is leaving it in good shape. During the marketing period, occupancy stood at around 90%, with more than 80% of its census derived from private pay residents. In the trailing 12 months, it was also bringing in more than $660,000 in EBITDAR on more than $3.0 million of revenues, a healthy figure that also offers some room for improvement. A publicly-traded REIT with a regional operating partner took over the community, paying $9.2 million, or $192,000 per unit, at a 7.2% cap rate.
