Senior Living Investment Brokerage facilitated the sale of a seniors housing portfolio that consisted of three communities in Ohio and two in Indiana. The Ohio communities are located within 250 miles of each other, and the Indiana communities are located within 75 miles of each other. Together, they total 400 units and were built between 1983 and 2001. The portfolio was well maintained, as it underwent significant capex over the last few years.
The seller, a Northeast-based private REIT, was divesting because these communities were geographic outliers and it wanted to shift focus to its core markets. The buyer, a regional owner/operator, was looking to grow its Midwest portfolio, increasing its footprint in Ohio and making its first acquisition in Indiana. The buyer intends to offer Medicaid Waiver in all the communities.
Multiple offers were received from both regional and national buyers. Brad Clousing, Daniel Geraghty and Ryan Saul handled the transaction.
