Mike Garbers and Cody Tremper of JLL successfully sold an 85-unit assisted living community in Portland, Oregon. The seller and buyer were not disclosed, but the community has an almost entirely Medicaid census.
It was built in 2005 with 81 private rooms and four semi-private rooms. Occupancy was in the high-90s in the fall of 2019, but has since dropped to about 88%. Many operators would love to have their communities that full. But, operations were close to breakeven, so there is some room for improvement, clearly. The property was subject to a ground lease controlled by a local family.
