Ken and Damien Carriero of Colliers International announced a seniors housing closing involving two assisted living assets in Florida. Prompting the sale was the undisclosed seller’s plan to liquidate their assisted living properties to potentially invest in other asset types.
Included in this deal was the 16-unit/32-bed Green Gables in Vero Beach and the 32-unit/40-bed Jane Adams House in Amelia Island. Green Gables was built in 2000, and Jane Adams House was built in 1997. The communities were 87% and 90% occupied, respectively, which is certainly strong compared with the rest of the industry. Combined revenues reached $1.155 million, with the communities reporting combined EBITDA of $205,000. An undisclosed owner/operator looking to expand its current portfolio emerged as the buyer, paying $2.7 million, or $56,250 per unit, at an 11.4% cap rate. The buyer has several 20- to 40-bed facilities in the surrounding area in his portfolio, so these properties fit into his criteria. A private bank financed the transaction.
