Earlier this week, we covered private equity firm Bridge Investment Group’s (BIG) sale of its 79-unit senior living community in Savannah, Georgia to a 1031 investor. But some additional details came out that we can reveal now. The JLL Capital Markets investment advisory team including Mike Garbers, Cody Tremper and Michael Sivewright, represented BIG in the deal.
Located on Wilmington Island, an affluent suburb located about 10 miles southeast of downtown Savannah, the 1998-era community features 28 independent living, 39 assisted living and 12 memory care units. It offers restaurant-style full-service dining, a full-service salon, community library, and in-house physical, occupational and speech therapies. Occupancy was a very strong 95% at closing, and so was the operating margin at 28% on $4.28 million of revenues. Revenues were also on the upswing throughout 2021. Bridge Senior Living was the operator and will stay on to manage the property for the new owner. Why mess up a good thing, after all? The property sold for $18 million, or $227,900 per unit, at a 6.6% cap rate.
