An independent owner sold their only senior care asset in a deal arranged by Evans Senior Investments. Country Meadow Place is a 56-unit assisted living/memory care community located in Mason City, Iowa. It was originally built in 1985 as a 36-unit memory care community before it was acquired in 2013 and expanded five years later with 20 additional assisted living units. At the time of marketing, the community was 100% occupied (which has been maintained for the previous 13 months) with a 95% private pay census. NOI also exceeded $1.4 million, or $25,000 per unit.
Evans targeted a select group of potential buyers before the existing operator emerged as the winning bidder for $13 million, or $232,100 per unit, at a 10.8% cap rate. The buyer took the deal directly to HUD.
