Bradley Clousing and Jason Punzel of Senior Living Investment Brokerage handled the sale of a senior living community in Columbia, South Carolina. Its private partnership owner was looking to exit the sector, which prompted the transaction.
Originally built in 1996, this community was extensively renovated in 2006, 2013 and finally 2016, the last of which saw $2 million invested. It now features 38 independent living, 32 assisted living and 22 memory care units, with a full range of amenities and an attractive physical plant. There are seven buildings on the 6.86-acre site. Occupancy was just 66%, while the community operated at an 8% margin on nearly $2.1 million of trailing-12-month revenues.
Both of those metrics can obviously be improved, and a regional owner/operator paid $5.5 million, or $59,800 per unit, for the opportunity. They were also able to utilize their relationship with the existing lender to obtain attractive acquisition financing for the deal.
