Evans Senior Investments announced the sale of an 80-unit assisted living community in Allentown, Pennsylvania. Built in the 1980s, the community was 100% private pay with in-place rents just under $5,000 a month. At the time of marketing, the community was 94% occupied and making over $800,000 in net operating income. But it actually maintained 100% occupancy throughout the transition process even as new supply opened in the market. The seller was an independent owner/operator with an established presence and good reputation in the area.
The community was ultimately sold to Buffalo-based Hamister Group for an undisclosed price, which was paid in all cash. According to our Levin Pro LTC platform, earlier this year Hamister Group also acquired Buckingham Heights, a 46-unit assisted living community in Glastonbury, Connecticut. Cushman & Wakefield handled that transaction.
