Senior Living Investment Brokerage closed a slew of sales at the end of September, including two in Oregon. Jason Punzel, Brad Goodsell and Vince Viverito worked on behalf of a local ownership group in Oregon to sell their only two seniors housing properties. There was an 87-unit independent/assisted living community in Grants Pass and a 61-unit AL community in Medford. Both were built in the early 2000s and were around 87.5% occupied. Combined EBITDAR totaled $1.44 million on about $6.77 million of revenues, resulting in a margin around 21%. An Oregon-based owner/operator purchased the communities for $17 million, or $114,900 per unit, at an 8.5% cap rate.
Messrs. Punzel, Goodsell and Viverito also sold a 37-unit memory care community in Canby, Oregon for $9.175 million, or $205,950 per unit, at an 8.7% cap rate. With occupancy around 95%, the community was originally built in 1959 but gutted, remodeled and expanded in 2007. There was another renovation in 2011. The local owner has other business interests and decided to sell to an Oregon-based owner/operator.
