A large senior care campus in Youngstown, Ohio sold earlier this year in a deal handled by Mike Garbers of JLL Capital Markets. Previously owned by a not-for-profit, it was built in stages and now features approximately 300 units spanning the whole senior care spectrum. It was considered a value-add opportunity with some capex needs, and private ownership can usually come in and make some quick expense adjustments at a former not-for-profit operation.
Indeed, a for-profit owner stepped in to buy the property at an undisclosed price. This was their first acquisition, but the principal does have experience in seniors housing operations. The deal apparently closed pre-COVID, so some turnaround projects may have had to be put on hold.
