Hamister Group, a Buffalo, New York-based owner/operator, entered the West Virginia seniors housing market with the acquisition of a 65-unit assisted living/memory care community located outside of Charleston in the town of Dunbar. Originally built in 1990 but with expansions in 1999, 2003 and 2007, community has 75 functional beds and 85 licensed beds, with a 100% private pay census.
At the time of marketing, occupancy averaged 95% based on functional beds, but the pandemic caused census to plummet to 69%. However, at the time of the sale, occupancy had rebounded to 87%. In the trailing-12-month period before the sale, the community operated at a roughly 10% margin on more than $3.7 million of revenues.
The local owner/operator was looking to exit the industry and enlisted the help of Evans Senior Investments to sell the community. In the end, Hamister Group paid $7.125 million, or $110,000 per unit, adding its eighth seniors housing community to its portfolio, including one that recently opened in Leesburg, Virginia.
