An independent living community in Houston, Texas deemed to be non-core by its owner/operator found a new buyer in a California-based real estate investor. Matthew Alley, Vince Viverito, Brad Goodsell and Jason Punzel of Senior Living Investment Brokerage led the transaction process, which yielded multiple offers and closed within three months of LOI.
Built in 1974, the community features 300 units and 206,000 total square feet on around 7.6 acres. It was operated just under breakeven on about $5.25 million of 2021 revenues. Occupancy stood at 78%, but the property shares services with a healthcare center within the same campus, which should boost the community’s appeal.
The real estate buyer paid $10.5 million, or $35,000 per unit, and hired a third-party manager that operates several IL communities in Texas.
