A stabilized independent living community in Reno, Nevada, sold to a private equity company that specializes in active adult and independent living. A regional owner/operator based in the western United States developed the 131-unit community in 2020 and leased it up quickly. Not only was the occupancy strong, but the community operated at a very healthy margin.
Well-performing communities have not been hitting the market much these days, so pricing must have been strong for the asset, although the purchase price was not disclosed. However, the cap rate was approximately 6% based on trailing stabilized financials. Jason Punzel, Dave Balow, Vince Viverito and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.
