Senior Living Investment Brokerage announced a couple of closings involving older assisted living communities. First, Daniel Geraghty, Bradley Clousing and Dave Balow represented a Northeast-based owner that was looking to recycle capital and focus on its core assets. It chose to divest Brookside Stone Mountain, a 40-unit assisted living/memory care community in Stone Mountain, Georgia. Built in 1995 and renovated in 2016, the community features an outdoor courtyard with walking paths as well as an outdoor garden area. Occupancy was around 73% based on units, and the community was operating close to breakeven at the time of the sale.
SLIB had previously sold this asset two separate times and sourced a Georgia-based owner/operator looking to expand its presence in the state as the buyer. The purchase price was not disclosed.
A separate SLIB team involving Geraghty, Jason Punzel and Jeff Binder also sold an 88-unit assisted living community in Lansing, Michigan. Previously owned by a healthcare-focused REIT, the property offered a large percentage of one- and two-bedroom units. It received healthy attention from investors, with six written offers from both regional and local groups. A Michigan-based owner/operator was ultimately selected as the buyer with a plan to complete an extensive cosmetic update to the community. The renovation should help the new owner better compete in the local market, increase occupancy and stabilize operations.
