Atlas Senior Living and Salta Capital have acquired two high-quality senior living communities from Traditions Senior Living: The Traditions of Athens in Georgia, and The Traditions of Spring Hill in Tennessee. Atlas formed Salta in 2021 to administer the financials and asset management side of their business. This purchase brings the total number of properties in their portfolio to 32, after purchasing two other communities in Florida and Mississippi last year. Atlas also bought three communities in Georgia and one in North Carolina in 2020.
Built in 2016 for $11 million, or $130,900 per unit, The Traditions of Athens totals 75,824 square feet, comprising 12 independent living and 72 assisted living units, while The Traditions at Spring Hill was completed in 2017 for $8 million, or $101,300 per unit, and totals 66,395 square feet with 63 assisted living units and 16 memory care units. The sales price was not disclosed, but we imagine Traditions made a profit over their original $19 million investment. Atlas will be the owner/operator of the communities, which have been rebranded as the Goldton of Athens and the Goldton of Spring Hill.
