At the encouragement and direction of their lender, a private owner sold their only seniors housing asset in Indiana, with the help of Ryan Saul and Nick Cacciabando of Senior Living Investment Brokerage. The community, which was built in 2000, features 45 units of assisted living in the town of Anderson. At just above 50% occupancy, it was losing money on about $1.125 million of revenues. It did not help that the single-site family owner managed it with obsolete reporting and operating systems.
Another private owner that has provided owners with operating, clinical and environmental consulting services for many years emerged as the buyer. This was their first foray into ownership, and the new owner will look to increase occupancy, improve margins and enroll the community in the Indiana Assisted Living Waiver Program. They paid $1.6 million, or $35,500 per unit, for the asset.
