Senior Living Investment Brokerage facilitated the sale of a cash-flowing seniors housing community in Las Vegas, Nevada. The seller, a private equity firm, is divesting to exit its fund and the seniors housing industry. The purchase price was $9.5 million, or $77,900 per unit.
Built in 1974 and continually renovated as recently as 2023, Sterling Ridge Living comprises 22 independent living units (24 beds), 74 assisted living units (76 beds) and 26 memory care units (52 beds), with a 91% occupancy rate. The community sits on 2.37 acres and spans 89,719 square feet. Revenues were $5.6 million, and EBITDAR was $994,000, resulting in a cap rate of 10.5%. During the marketing period, the community’s performance stayed strong.
Vince Viverito and Nick Cacciabando handled the transaction, which had a national marketing effort. Several offers were received, with the ultimate buyer being a private owner/operator that divested its Midwest SNF portfolio and is now building up a seniors housing portfolio in the Western United States region.
