Bull Realty, a commercial regional real estate company, was engaged by Gryphon Senior Living in its divestment of a seniors housing community in Dacula, Georgia. Built in 2011, Hope Memory Care Community features 64 memory care units across 37,432 square feet on 3.44 acres. Gryphon originally bought the community a few years back for around $9.5 million, or $148,000 per unit.
The community struggled with occupancy, despite good demographics. After Bull Realty was brought on to market the property, the bank sold the note. A potential CON sale was explored but did not pan out. When the note holder had control of the property, a separate potential buyer was brought in. The noteholder kept operations going while bringing on a different manager, however, occupancy still struggled, and even decreased.
The decision was made to remarket the community as a behavioral health conversion opportunity and sell it as vacant, as there’s been a recent trend of national drug treatment firms seeking out struggling seniors housing communities. Alana Recovery Center and a national operator were looking to expand in Gwinnett County, and this property was a good fit. The joint venture ultimately purchased the asset for $5.75 million, or $90,000 per unit.
President for Senior Housing Group at Bull Realty, Ernie Anaya, handled this transaction, which underwent a zoning hurdle. It took about 90 days for approval, with the transaction successfully being brought across the finish line around 30 days after this.
The firm, which is licensed in nine Southeast states and specializes in 11 commercial sectors with brokers specializing in each, was ranked 12th among top commercial real estate firms in Atlanta in 2021 by the Atlanta Business Chronicle. Keep an eye out for more seniors housing sales from Bull Realty.
