Colliers International closed a couple of sales involving assisted living communities that also cared for adults with mental disorders or developmental disabilities. First, the Tampa, Florida team led by Ken and Damien Carriero worked on behalf of Loving Care of St. Petersburg, Inc. to sell a 60-unit/120-bed AL community in St. Petersburg, Florida. It came with a Limited Mental Health Specialty License and was 80% occupied at the time of the sale. Best Care Senior Living at St. Pete, LLC was revealed as the buyer, but no purchase price was disclosed.
Then, Elena Bakina of Colliers International represented the seller of a similar community in southwest Houston, Texas. Classified as a Type A behavioral health assisted living facility, the community comprises 46 licensed beds in 24 units. Rents for those behavioral health residents are similar to seniors housing, ranging from $3,000 to $4,000 per month, all of which were private pay. The single-asset seller had developed it in 2005, but they were looking to retire and decided to sell. However, the license expired during the sales process, and the community was vacant as a result. An owner of several other senior care facilities bought the community for an undisclosed amount and was able to transfer the license. Richard Copeland of Keller Williams Commercial represented the buyer in the deal, while Ms. Bakina represented the seller.
