A small seniors housing community sold in southern New Jersey with the help of Bradley Clousing, Toby Siefert and Dave Balow of Senior Living Investment Brokerage. In the transaction, they represented the publicly traded REIT seller, which was looking to divest a relatively small asset from its portfolio. The buyer was a regional owner based in New Jersey that is maintaining the current operator, Juniper Communities, until the change of ownership is completed.
Built in 1997, the community features 47 licensed assisted living beds in 39 units that comprise six one-bedroom and 33 studio suites. It has been well maintained, and there is also room for expansion on the 6.15-acre site. Occupancy was decent in 2022 at around 82%, but it shot up to the 90% range during the course of the transaction. That always helps smooth out the deal process.
