Senior Living Investment Brokerage facilitated the sale of two standalone memory care communities in Quincy and Centralia, Illinois. The seller was a regional developer/owner/operator while the buyer was an Illinois-based owner/operator with an existing presence in the state. It has experience with the Supportive Living Program and intends to focus on increasing occupancy to be the premiere affordable option in the market.
The communities were constructed in 2019 and 2017, respectively, and are in excellent condition. The Quincy community consists of 56 units and is one of less than 20 communities in the state licensed as Supportive Living – Dementia Care Setting. It benefited from a significant rate increase on January 1. The Centralia community consists of 16 units with 22 beds. Both communities saw large improvements in occupancy and performance since emerging from the pandemic and currently operate at a stabilized level.
SLIB executed a confidential marketing process generating multiple offers. Jeff Binder and Ryan Saul handled the transaction.
