Not long after making the move from Cushman & Wakefield to Grandbridge Real Estate Capital, the Tampa-based team of Allen McMurtry, Dave Kliewer and Jay Jordan announced a couple of seniors housing sales. First, they were tapped by the owner of an independent living/assisted living community near Springfield, Massachusetts to run a bankruptcy sale process.
Built in the 1990s with 187 units of independent living and assisted living, including 129 cottages, the community was around 65% occupied. With a stalking horse bid of $9.0 million, the virtual live auction in late September 2020 resulted in more than 100 rounds of live bidding, with a final sale price of just over $19 million. A West Coast-based seniors housing operator was the winning bidder and has plans for significant capital improvements at the community.
Then, Messrs. McMurtry, Kliewer and Jordan represented the seller of a senior living community in Ohio with more than 200 units with a continuum of care. An all-cash buyer emerged, paying $18 million, or about $90,000 per unit. They retained the seller to operate the community going forward and to oversee capital improvements.