Representing a regional owner/operator, Evans Senior Investments successfully sold Trinity Hills of Knoxville, an 80-unit assisted living/memory care community in Knoxville, Tennessee. Built in 2006, the community features 66 AL and 14 MC units, all serving private pay residents. Occupancy was strong at the time of marketing, at 92%, and it stayed above 90% for more than 12 consecutive months. It also generated around $400,000 of NOI on $3.7 million of revenues, for an 11% margin.
That could be improved and offered the opportunity for a new owner to add significant value to the community. There was also assumable HUD debt on the property that increased its appeal to buyers. Evans targeted a select group of seniors housing buyers and generated several offers. Ultimately, Bourne Financial Group was selected and paid $6.15 million, or $76,900 per unit. Evans helped facilitate the HUD assumption, as well.
