As Montanans were looking up at the skies last week, as the team at Senior Living Investment Brokerage had their noses to the grindstone, selling an assisted living community in Billings. Built in 2015, Lasting Legacy Assisted Living comprises 32 units and sits on 16 acres. The seller of the community was a mom-and-pop operation with this being their sole senior living asset. Emerging as the buyer of the community was a Montana-based not-for-profit, which purchased the community for $3.3 million, or $103,000 per unit.
As of September 2022, the community was around 88% occupied, generating revenues of $1.22 million and EBITDAR of $288,000. That puts the cap rate for the transaction at 8.7%. Vince Viverito, Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage facilitated the transaction.
