At the end of 2021, H2C represented the joint venture of Randall Residence and CREC to sell a 107-unit senior living community in Decatur, Illinois. Built in 1999 and 2001, the community consists of two buildings, a two-story, 50-unit independent living building and a single-story, 57-unit assisted living/memory care community, that were 98% occupied at the time of sale. The existing operator, Randall Residence, acquired the community for $15.5 million, or $144,900 per unit, at a 6.25% cap rate.
The community last sold in March 2017 for $11.155 million, or $101,400 per unit, at a 7.5% cap rate. At the time, occupancy was 72%, so, it looks like operations have been improved in the time since then, even with the pandemic.
