Nick Cacciabando and Patrick Burke of Senior Living Investment Brokerage sold a vacant assisted living community in Nashville, Tennessee, finding a cash buyer that was able to close within 60 days of escrow. Grace Manor was originally built in 2010 by a local church and featured 42 units of assisted living.
However, the property had struggled with occupancy and profitability during the pandemic, and it was voluntarily closed in November 2021. The HUD note was then sold at auction in December 2022 to a private investment firm that manages alternative assets for high-net-worth individuals and institutional investors. With the help of SLIB, they then sold the community to an undisclosed buyer for $3.6 million, or $85,700 per unit.
