A small assisted living community in rural West Virginia traded hands from one local operator to another in a deal handled by Joe Shallow and Richard Natow of The Prestige Group. Originally purpose-built by a husband and wife in 2004, the community is located in Peterstown, near the Virginia border. It features 42 beds in 28 units and operates at 100% occupancy. There were some Medicaid residents, but the majority was private pay. The community was also kept in good condition over the years and operated profitably.
The owners wished to retire and engaged Prestige to sell the property. The buyer was a physical therapist that previously lived in the Northeast but had purchased another business in Peterstown and relocated to the area. He plans on bringing in some physical therapy services and will continue to operate the community while building a strong relationship with the local market. The community sold for $1.5 million, or $58,600 per unit, financed in part with an SBA loan.
