Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage facilitated the sale of three seniors housing communities in two separate transactions.
First, SLIB was brought on by a publicly traded REIT to sell Avonlea Assisted Living in Tupelo, Mississippi. Avonlea comprises 68 assisted living units and was built in 1999 before being remodeled in 2005. A Tupelo-based owner/operator emerged as the buyer and intends to conduct renovations and make significant upgrades to improve occupancy, revenue and overall bottom-line performance.
Next, Geraghty and Clousing marketed (and sold) two assisted living/memory care communities that sit approximately 50 miles apart in Jefferson and Norcross, Georgia. Built in 1993 and 1998, the communities have both undergone renovations and have a combined 151 units. The seller was divesting to focus on communities that more closely align with their current footprint. There were multiple offers from regional buyers, but the ultimate buyer was a Southeast-based owner/operator looking to add to their existing footprint. They plan to make a strong marketing push to return the two communities to their historical occupancy levels.
