A Midwest-based regional owner/operator decided to add to its existing Cleveland-area portfolio with the acquisition of The Landing of Stow in Stow, Ohio. Built in 2008, the community features 61 assisted living and 20 memory care units on over eight acres. Its previous owner chose to divest the asset to focus attention on communities that more closely align with its current footprint.
Meanwhile, the buyer will look to leverage its talent in the market to improve occupancy and reduce agency staffing. Occupancy was around 75% at the time of marketing. Bradley Clousing, Dan Geraghty and Ryan Saul of Senior Living Investment Brokerage handled the transaction.
