Haven Senior Investments, a faith-based advisory and brokerage firm, sold a long-standing, family-owned memory care community in eastern Kansas. The high-end community features 48 units and 48 beds across four buildings, serving the Lawrence area west of Kansas City. The first building opened in 2012, followed by the remaining three in 2017, 2019 and 2022, respectively. The local owner/operator that developed the community is exiting the industry with the sale in order to retire and wished the community to go to a buyer with similar values. Haven sourced the buyer, MD Memory Care LLC, which is headed by a medical doctor and IT duo, Dr. Chaitanya Musham and Sri Vallak, both of whom were eager to bring their expertise to the seniors housing and memory care sectors.
The new owners will be stepping into a smooth operation. Occupancy was 100% at the time of closing, with performance improving during due diligence. Rents were high, approaching $10,000 a month. We imagine operating margins were strong, as well. The asset was quickly put under contract, with closing occurring in early November. MD Memory Care LLC paid $11.64 million, or $247,700 per unit. Financing came from a local commercial bank, and all current staff were retained. So, it will be business as usual going forward at the community. Robin Gestal, Chief Operating Officer at Haven, led the transaction.
