After a long bankruptcy process, a senior living community in Southaven, Mississippi (Memphis area) found a new owner. Newmark represented the receiver in the transaction.
Opened in 2008, the community has 76 assisted living and memory care units. Occupancy averaged 65% in 2020, and there was no positive cash flow at the time of the sale.
The sale process yielded multiple offers, with a regional owner/operator emerging as the winning bidder for a price near $6 million. They expect to invest in renovations and physical plant updates, plus use its scale to support the onsite team and improve operations.