The Berkadia team consisting of Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders closed out the first quarter with three transactions arranged on behalf of a publicly traded REIT. The largest property sold was a 104-unit assisted living/memory care community in Florence, Kentucky. Located about 10 miles southeast of Cincinnati, Ohio, the community was built in 2007 and was not performing at the time of the sale, with the Cincinnati Business Courier reporting that occupancy recently improved from under 50% to 60%.
It appears to be Inspirations of Florence, which was previously operated by Grace Management. Multiple sources identified the buyer as a partnership between a private equity group and an upstate New York-based operator, Willow Ridge Senior Living. The community is being rebranded as Fields of Florence. Boone County property records show the purchase price to be more than $3.6 million, or $34,600 per unit.
Next, Berkadia sold an 85-unit assisted living/memory care community in Stamford, Connecticut. We learned that this was Sunrise of Stamford, which was built in 1999 and was considered to be a “value-add” opportunity. Benchmark Senior Living revealed that it purchased the community earlier in March, adding to its seven other communities in Fairfield County. The price was not disclosed but was paid in cash.
Finally, a 45-unit assisted living/memory care community in Barrington, Illinois (about 35 miles northwest of downtown Chicago), sold to a regional owner/operator for an undisclosed price. Built in 2007, the community appears to be Sunrise of Barrington, which features 24 MC and 21 AL units. The seller was a publicly traded REIT, and Ventas previously reported this property in its portfolio.
