A Lexington, Kentucky-based developer, owner and operator exited the senior living business with the sale of its only asset thanks to the work of Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage. This community was previously an elementary school in Mt. Sterling, Kentucky, but was converted to senior living by the current seller in 2014.
The gut renovation resulted in 30 spacious assisted living units. Occupancy quickly rose to 90% after opening and hovered between 85% and 90% until COVID brought census down to about 80% and the operating margin down to about 7% on over $1 million of revenues.
The owner was looking to exit the sector and worked with the Senior Living Investment Brokerage team to get the deal done, selling the community to a Southeast-based owner/operator strategically adding to its portfolio and making its first acquisition in the state of Kentucky. The deal was initiated pre-COVID, but the purchase price did not change from $2.85 million, or $95,000 per unit. Good work from the SLIB guys.
