At the start of September, Senior Living Investment Brokerage’s Brad Clousing and Patrick Byrne closed the sale of an assisted living community in Woodstock, Georgia. The pair also assisted the buyer in assuming attractive HUD debt on the property with a 2.62% interest rate. We’re sure that motivated the buyer to get the deal done.
Originally built in 1996, this community features 33 assisted living units and has historically been well occupied since then. Census dipped in recent months but shot back up to 95% right before close. In the last 12 months, the community brought in nearly $90,000 in EBITDAR on nearly $1.1 million of revenues, so that 8% margin could be improved. It is well maintained, which should help in any turnaround effort. The community was also an operational outlier for the seller (hence the sale), so some care and attention could make a difference too.
A Florida-based buyer paid $2.9 million, or $87,900 per unit, for the community, assuming the $2.6 million HUD loan to help finance the deal.
