Ryan Saul and Vince Viverito of Senior Living Investment Brokerage recently facilitated the $3.75 million sale of Life’s Journey Senior Living of Taylorville and Paris in their respective towns in Illinois.
Owned by a publicly-traded REIT, both properties offer memory care services. Built in 2012 with renovations in 2014, the Taylorville location has 25,000 square feet and a 69% occupancy rate over its 46 units. The Paris location, built in 1998, is 9,200 square feet and has an occupancy of 96% across its 23 units.
There are a combined 77 beds over 69 units, resulting in a price per unit of around $54,300, which falls below the $191,800 per unit average price for assisted living/memory care communities in 2020, according to the 26th Edition of The Senior Care Acquisition Report. These communities combined for just under $50,000 in EBITDAR on around $2.75 million of 2020 revenues, for a margin of just 2%. And there is a long way to go to improve occupancy at the Taylorville location, so the buyer left some room to add value.
That buyer was a private regional operator with other AL and MC communities in Illinois which hopes to use its local presence to improve census and expense management. The deal comes on the heels of eight transactions that SLIB facilitated in the month of June, most recently assisting with the sale of Brickmont Assisted Living in Georgia. Sounds like no summer vacation for them.
