Senior Living Investment Brokerage’s Vince Viverito, Nick Cacciabando, Jeff Binder and Lucas Doll handled the sale of two seniors housing communities in Oklahoma. The communities are located in Mustang and Oklahoma City, both built in stages from the late-1990s to the late-2000s. They total 135 units of independent living, assisted living and memory care.
These were the last seniors housing assets of the Denver-based private equity seller and were struggling with poor performance. The Oklahoma City asset was especially lagging with 52% occupancy (as opposed to 80% for the Mustang property). Given that situation, SLIB strategically decided to leverage an auction process to identify a buyer capable of repurposing the underperforming community while continuing operations at the relatively stronger one. The OKC community was thus vacant at the time of the sale and occupancy improved at the Mustang location as a result. A New Jersey-based skilled nursing and rehab care company purchased the OKC property with plans to convert to an alternative use. They also bought and will continue to operate the Mustang community as an AL/MC property.
