Senior Living Investment Brokerage announced a couple of seniors housing transactions this week, starting with the sale of an assisted living/memory care community in Farmers Branch, Texas (Dallas MSA). Built in 1998, The Avenues Of Park Forest comprises 86 units and was sold to a private equity firm for a purchase price of $8.2 million, or $95,000 per bed. Previously owned by a large investment manager and operated by a third-party manager, the community held an occupancy of 45% with revenues just north of $2 million at the time of market, but it was losing more than $500,000 a year.
Matthew Alley and Jason Punzel of Senior Living Investment Brokerage found the buyer, which specializes in seniors housing and medical office buildings and plans to invest in capex with a focus on census growth.
Next, Ryan Saul and Daniel Geraghty of SLIB announced the sale of an assisted living/memory care community in Louisville, Kentucky. Built in 2016, Forest Hills Commons comprises 119 total units (99 assisted living and 20 memory care) and sold for a purchase price of $17 million, or $143,000 per unit. In 2021, the community was operating at 80% occupancy with revenues of $4.88 million and an EBITAR of $560,000, for an 11% margin. The property was a geographic outlier for the Midwest owner/operator, and it ultimately sold to a owner/operator also based in the Midwest looking to strategically add to their existing footprint in the area.
