Senior Living Investment Brokerage leveraged an auction process on behalf of a REIT selling a seniors housing community in Meridian, Idaho. The REIT is divesting to exit operations in the state. The buyer is an Idaho-based owner/operator expanding its footprint in the state.
Built in 1969 and remodeled in 2013, Copper Springs Senior Living features 95 units and 105 beds of assisted living and memory care. The community sits on 4.99 acres and comprises 49,664 square feet. Occupancy was 75% at the time of closing, but the community was losing around $670,000 in EBITDAR on revenues of $3.74 million.
Vince Viverito, Jason Punzel, Brad Goodsell and Jake Anderson handled the transaction, while Jim Shipman of Colliers International served as the Broker of Record. The purchase price was $3.33 million, or $35,000 per unit.
This was actually the third sale reported in Meridian, Idaho, in the last month. Previously, we saw The Pennant Group’s acquisition of the operations of Veranda Senior Living at Paramount, and The Cottages’ purchase of Alpine Meadows.
