Senior Living Investment Brokerage’s Southeast closings continued with the sale of Westminster Memory Care in Lexington, South Carolina. Built in 2020, the Class-A community features 48 units of memory care and high-end finishes. It is set on 6.3 acres, which provides an opportunity for expansion under new ownership. Also, at the time of the sale, the community was fully stabilized, so an expansion may be a good move. It was developed using bond financing, and the original owner was a Southeast-based developer. But the community was under receivership.
The asset received significant interest from buyer groups, and the receiver seller, Trinity Investors, got more than eight qualified offers. A Southeast-based owner/operator looking to expand its portfolio won the deal, for an undisclosed price. Dan Geraghty and Brad Clousing handled the transaction.
