After 20 years of ownership, the operator of a small Medicaid assisted living community in Colorado decided to sell, with the help of Rob Reis of Marcus & Millichap. Over the past several years, the owner had maintained consistently strong occupancy and net income. Plus, as a result of his management style, he experienced low staff turnover. The community was built in the 1960s but recently replaced the roof and was in good shape structurally.
The buyer was a local investor with an operating partner, which will run the building at a higher census by bringing unused beds back online. The transaction closed at the agreed-upon price, which was not disclosed.
