Brad Clousing and Dan Geraghty of Senior Living Investment Brokerage announced a couple of seniors housing closings in Georgia and Michigan, selling to two separate owner/operators. The Georgia deal involved a 77-unit assisted living/memory care community in the town of Buford in the outer ring of Atlanta suburbs. Built in 2012, the community was previously owned by a private REIT that had purchased the asset as part of a larger portfolio. However, it was an operational outlier and was slated for sale. A Florida-based owner/operator emerged as the buyer with a plan to invest in cosmetic upgrades to the community and improve overall performance through continued lease-up and expense efficiencies.
In Michigan, the SLIB duo sold two assisted living/memory care communities in Hartland and Grand Blanc. Each Bella Vita-branded community features 61 units, and they are located about 25 miles apart from each other. There were multiple offers from regional and national buyers, but a local development partnership looking to exit the industry sold the communities to a growing Michigan-based operator looking for newer-construction, value-add opportunities. Both existing lenders provided financing for the buyer, and the assets sold on different days given the timing of each lender.
