Blake Bozett and Spud Batt of The Zett Group shot out of the gates in 2025, closing three separate transactions in the Pacific Northwest so far this year. The largest was for an 88-unit seniors housing community in central Washington which closed this week. Owned by a regional operator based in Washington, this community consists of 36 independent living units that were built in 1987 but were non-operational at the time of the deal and 52 assisted living units built in 1997.
Emerging from a pool of Pacific Northwest buyers was a single-asset owner/operator based in central Washington that paid $6.2 million, or $70,500 per unit and $114,000 per operational unit. That is a nice price for an older building operating at breakeven. The Zett Group closed the deal 94 days from the day the letter of intent.
Bozett and Batt stayed in central Washington for their next sale involving a 28-unit assisted living community that was also operating at breakeven at the time of sale. The Zett team facilitated a tax-deferring solution for the local owner/operator seller that was exiting the seniors housing space.
The buyer was a regional owner/operator specializing in smaller communities that intends to make significant physical plant changes, combining multiple buildings to avoid mandatory staffing requirements from the pod-style construction. The buyer also served as a consultant prior to closing. The purchase price was not disclosed.
Finally, Bozett and Batt also facilitated the divestment of a 68-unit, 80-bed assisted living and memory care community in the Boise, Idaho MSA. The community was stabilized at the time of sale, with room for census growth and moderate expense management.
The seller was a local owner/operator that was also exiting the seniors housing space. The Zett team again facilitated a tax-deferring solution, with a lease-to-purchase option. The buyer was a national owner/operator looking to expand its local presence in the state. The buyer intends to conduct minor physical plant changes and continue to grow in the Boise MSA, which will create economies of scale between local buildings.
