Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage headed to Forest Grove, Oregon (Portland MSA) for their latest seniors housing sale. Previously owned by a family who is retiring from the industry, the property includes 92 units and 134 beds of assisted living and memory care.
The AL portion was first built in 1996, with the memory care added in 2000. The building was nearly full (occupancy was at 98%), and it brought in nearly $1.28 million of EBITDAR on about $5.63 million of revenues.
A regional owner/operator will be taking over that healthy cash flow and paid $15.7 million, or $170,650 per unit, for the community. That results in a cap rate around 8.1%. The buyer also has some renovations planned in addition to an expansion project over the next several years.
