Evans Senior Investments is continuing its busy month, representing a private equity company for the $6.5 million sale of Quail Creek, a 103-unit assisted living and memory care community. Built in 1999, this community in Quail Creek, Oklahoma is in the Oklahoma City metropolitan area.
The community averaged 41% occupancy at the time of marketing (100% private pay) and had revenues of $1.76 million. However, it was not profitable due to the low census and lost over $1 million of net operating income in the last 12 months. Quail Creek also had below-average rental rates compared to competing communities in the area, trailing their competitors by over 40% and contributing to the negative profitability.
A regional owner/operator looking to enter the Oklahoma market purchased the community, which had a per-unit purchase price of $63,000. The buyer intends to complete extensive renovations to upgrade the unit sizes and amenities.
