Senior Living Investment Brokerage has announced the sale of an assisted living community in San Antonio, Texas. Built in 1982, NewForest Estates comprises 234 units (206 IL and 28 AL) and sits on 6.5 acres. Prior to the pandemic the community was successfully posting a 90% occupancy rate, but at the time of transaction occupancy fell to just 67%.
The seller was a national owner/operator looking to divest this community as it was their only asset in Texas. The buyer was a regional owner which partnered with a Texas-based operator looking to expand their seniors housing portfolio. Jeff Binder and Matthew Alley of Senior Living Investment Brokerage handled the transaction.
