Senior Living Investment Brokerage’s Daniel Geraghty and Bradley Clousing handled the sale of a Class-A seniors housing community in Savannah, Georgia. Opened in 2020, Thrive on Skidaway features 146 units of independent living, assisted living and memory care on Skidaway Island near The Landings, a large resort community where many of the residents still have memberships to enjoy all the amenities the private community has to offer. There are limitations on developable land on Skidaway, as well as strict sewer and infrastructure regulations that create significant barriers to new development that make it difficult for potential competitors to enter the market. As a result, this property is well-protected in terms of long-term value and occupancy and has consistently maintained full occupancy and a long waiting list. We also believe that given the census and market position, the community operated with a very strong margin, perhaps above 40%.
The seller is a partnership between real estate investment and asset management company, Drake Real Estate Partners, and Southeast developer, Equus Development Partners. The buyer is a global real estate firm, which will retain Thrive Senior Living to continue operations, marking their first asset with the company.
We’ve consistently heard that trophy assets such as Thrive on Skidaway (there are not many like it coming to market right now) attract significant attention from buyers in this current market, and SLIB added that the increased attention ultimately resulted in securing the highest and best price for the community. Given the location, performance and buyer interest, we believe the purchase price could have been one of the highest per-unit values recorded in 2025, so far, or above $400,000 per unit. We’re also curious what kind of cap rate this property commanded, and we would guess it fell below 7.0%.
