A small, rural memory care community traded in Illinois, and for a market cap rate. Built in 2012, the community features just 46 units in the town of Taylorsville in central Illinois. It was 87% occupied, and was operating at a 14% margin on more than $2.9 million of revenues. That maybe could be improved, but it is a rural market and a small facility, as well. The private equity seller was divesting to redeploy capital into other projects.
They sold the building for $4.5 million, or $97,800 per unit, at a 9.2% cap rate. The buyer was looking to continue growing their portfolio in the state. Vince Viverito, Ryan Saul and Jeff Binder of Senior Living Investment Brokerage handled the transaction.
