Scribner Capital, LLC and William James Group, LLC (WJG) added to their Georgia holdings by acquiring Insignia of Newnan, a 40-unit assisted living/memory care community in Newnan, located between Atlanta and Columbus. Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the transaction. The community will be rebranded as The Haven at Newnan and added to an existing joint venture that previously acquired two Georgia seniors housing communities.
Those assets included River Place (40 units) in Forsyth and Sunny Grove (34 units) in Barnesville. Scribner and WJG had purchased them in July 2022 for an undisclosed price. In that deal, Scribner provided co-sponsor equity and leveraged its network of high-net-worth investors to provide the limited partner equity. WJG provided co-sponsor equity as well and took over operations of the communities on behalf of the venture.
The portfolio has maintained 90%+ occupancy for several years, and Sunny Grove had the capacity to add both additional assisted living units as well as independent living cottages. The properties sold for a cap rate in the mid-8s range and have maintained strong occupancy and cash flow since acquisition.
The Newnan property is also stable and was recently updated on the interior. However, the business plan includes replacing the roof and gutters, updating the front porch and entrance as well as lighting, landscaping and signage to complement the updated interiors.
Simultaneously with the transaction, Scribner and WJG acquired the remaining general partner equity interest thereby increasing their commitment to the venture. WJG Co-Founder Jimmy Justice also added “We anticipate more opportunities to expand the partnership and acquire similar assets throughout the Southeast.” This marks the 16th seniors housing equity investment by Scribner to go along with three debt investments.
