The Zett Group, a brokerage firm focused on the Pacific Northwest, has hit a rich vein of activity, closing four separate transactions in recent weeks. Blake Bozett handled the transactions, with even more deals to be announced soon.
First, built in 2006, Streamside Assisted Living and Memory Care features 79 assisted living and memory care units in Nampa, Idaho. It was stabilized at the time of sale. The seller was Ohana Ventures, and the buyer was Titan SenQuest, which was looking to expand its footprint within the state. The transaction navigated through various fire, life and safety needs that arose from the licensure inspection. Upon securing the listing agreement, Bozett made one strategic call to the eventual buyer.
Next, a retiring owner/operator engaged Bozett in the divestment of its assisted living and memory care community in central Washington. The seller owned the community for 33 years, and it comprises 60 units and was stabilized at the time of sale. It has an older vintage and included Medicaid as well as some special contracts. The buyer, a Seattle-based owner/operator, purchased the community for $4.8 million, or $80,000 per unit.
Then, Bozett handled the divestment of a senior living campus in Everett, Washington. The campus comprises 116 assisted living and skilled nursing beds. The seller owned it for more than 20 years, and this was their only asset. A California-based owner/operator entering the state with this acquisition paid $7.2 million, or $62,000 per bed. Seller financing was involved for a portion of the sales price.
Lastly, in a transaction that saw the seller exit the industry, Bozett facilitated the divestment of an assisted living community in Boise, Idaho. The community comprises 40 units. The buyer has an existing presence within the Idaho market, specializing in smaller assets. No other details were disclosed.
