Senior Living Investment Brokerage recently facilitated the sale of a successful independent living community in Chubbuck, Idaho. Comprising 82 units and one single-family home, the community was built in 1987 and has 117,828 square feet on five acres. The community, named Cottonwood Cove, was purchased for $3.75 million, or $45,000 per unit, at an 8.75% cap rate. It earned annualized revenues of $1 million and an EBITDA of $328,000. Cottonwood Cove has a 99% occupancy and also has a surplus of land, allowing the new owners to capitalize on their success and expand into this extra space. In fact, the property has consistently performed over the years, even through the pandemic, with an occupancy near 100% on a consistent basis. A western U.S.-based private equity firm purchased the community. Jason Punzel, Vince Viverito, & Brad Goodsell of Senior Living Investment Brokerage handled the transaction.
SLIB Facilitates IL Sale in Idaho
