Patrick Byrne of Eads Investment Brokerage facilitated the divestment of two seniors housing communities in Missouri. This marks the 24th and 25th communities sold in Missouri for Eads. The Moberly community (which we believe to be Mark Twain Assisted Living) comprises 35 assisted living/independent living units and sold for $2.57 million, or $73,000 per unit. It regularly produced EBITDA around $300,000. The seller was a local owner/operator that built and expanded the community over the course of 30 years. A local owner/operator establishing its footprint in a new market bought the community.
Next, PREA brought on Eads to sell its affordable seniors housing community in Concordia that comprises 40 units on 3.5 acres for a purchase price of $1.0 million, or $25,000 per unit. The community consistently maintained occupancy near capacity and produced an adjusted 2022 NOI of approximately $70,000 on $250,000 in revenue. There was a competitive bidding process between affordable and seniors housing bidders before a seniors housing group that purchased the sister campus last year emerged as the eventual buyer. PREA continued to provide valuation and licensure support, as there was a protracted CHOW with HUD due to the buyer being new to the space.
These deals mark $80.0 million in Missouri sales alone for Eads, with more transactions on the horizon.
