A REIT divested a couple of assisted living/memory care communities in Iowa with the help of Ryan Saul, Vince Viverito, Jason Punzel and Nick Cacciabando of Senior Living Investment Brokerage. Built in the late-2000s, the communities combined for 96 units. They were located in Ottumwa and Fort Madison, both in southeastern Iowa. Their REIT owner wished to liquidate capital for other investments, so an Iowa-based owner/operator stepped in to buy the communities for an undisclosed amount. They plan to invest heavily in remodeling the community and improving overall performance.
Punzel and Viverito were then joined by Brad Goodsell and Jake Anderson to work on behalf of another REIT to sell a small residential care facility in Milwaukie, Oregon. Built in the early 2010s, the 25-unit community was considered to be non-core by its REIT owner. It was also struggling operationally. A private investor bought the community and will lease it to a local operator. The buyer also plans to invest in capital improvements and focus on growing the private pay census.
