Lee & Associates’ Senior Housing team, led by Robert Black, was engaged by Sugar Creek Capital, which specializes in tax credit investments nationwide, in its divestment of an outlier asset. Built in 1985 with a renovation and expansion of 48 units in 2016, Terrace Retirement Community comprises 178 independent living units in Columbia, Missouri. The occupancy rate was 78% at the time of sale.
There were multiple groups interested in the community, with Unbridled Living selected as the best fit and ultimate buyer. This marks the company’s first seniors housing acquisition, with plans to continue expanding its portfolio through the addition of performing, value-add and turn-around communities. The purchase price was $10.25 million, or $56,000 per unit. Tony Hong of BWE represented the buyer.
