Senior Care Realty was engaged by a mom & pop in their divestment of a seniors housing community in the Kansas City, Missouri MSA. This was their only long-term care property and they are selling to enter retirement.
Built in 1995 in several stages by the seller, with the last phase in 2008, the community comprises 69 independent living and assisted living units. The community was fully occupied at the time of sale with a waitlist, and is 100% private pay. It generated close to $2.1 million in income in 2024, running at a 36% margin. Sounds like a great operation.
A regional Midwest management company, which is expanding to multiple states, bought the community and will look to continue the strong operations. This acquisition marks its first in Missouri. The company will complete cosmetic upgrades on the property.
Mark Van Den Broeke of Senior Care Realty handled the transaction, working diligently to close before year end. The purchase price was $7.9 million, or $114,000 per unit, and it sold at a 9.7% cap rate.
