Nick Cacciabando and Patrick Burke of Senior Living Investment Brokerage sold a portfolio of three properties located in Arkansas. Consisting of 175 units of private pay assisted living, the properties average 6 acres and 52,000 square feet each and were built in the late 1990s. The seller, a local family owner/operator, developed the three properties and retired from the seniors housing industry with this divestiture.
The buyer is a private national company based in New York who will enlist an operating partner to manage the property. This is their first acquisition in the state of Arkansas, but they own and operate communities in several neighboring states. No purchase price was disclosed, but we learned the property sold at an 8.9% cap rate based on 2021 financials.
