Legacy Senior Living announced its acquisition of a 58-unit assisted living/memory care community in Hendersonville, Tennessee for $5 million, or $86,000 per unit. The deal brings Cleveland-based Legacy’s portfolio to 16 senior living communities across the eastern United States. We learned about the sale earlier this month when Evans Senior Investments announced its role in brokering the deal, although the private equity seller has still not been disclosed.
Built in 2000, the community was just 62% occupied at the time of market and losing over $900,000 in NOI on revenues of $1.525 million. Once it turns operations around, Legacy will then expand the community into the excess land adjacent to the property.
