Fresh off three top-five finishes in our Broker Rankings (see the story in Februrary’s issue of The SeniorCare Investor), Evans Senior Investments represented the independent owner/operator of a 66-unit assisted living/memory care community in High Springs, Florida in the property’s sale. Originally built in 1988 with a 36-unit expansion in 2014, it currently features 46 assisted living and 20 memory care units. The community holds a Medicaid license on the 72 licensed beds, and 71% of the census was private pay residents. Based on beds, occupancy averaged 92% during the twelve months prior to the sale, and the operating margin was a strong 28% on nearly $2.46 million of annualized 2020 revenues.  

A regional owner/operator with plans to grow its presence in Florida acquired the community for $9.15 million, or $139,000 per unit. The 7.5% cap rate is right around the market average for the assisted living sector in the 12 months ended October 2020, but it may fall below the average for calendar year 2020, once that figure is released next month in the 26th Edition of The Senior Care Acquisition Report