A new brokerage firm in the seniors housing and care industry has closed its first transaction, which involved the sale of a standalone memory care community in Johns Creek, Georgia (Atlanta MSA). Built in 1996, St. Ives Memory Care comprises 38 units. This community was closed in July 2023. Marcus & Associates Senior Living was subsequently brought on to take it to market.
The community experienced operational setbacks due to the pandemic, putting a real dent in cash flow, resulting in Aureas Health Group’s decision to divest. Further complicating things was a winter freeze, which resulted in a flood in the community. Fortunately, it was vacant at the time. Now, the community is in the process of being fully renovated by the buyer, Solinity and a local investor.
There was a $2 million assumable HUD loan with a fixed interest rate of 3.55%, which helped attract two offers at the full purchase price within a month. The eventual buyer paid $2.7 million, or $71,052 per unit. Marcus VanAmeringen, President of Marcus & Associates Senior Living, handled this transaction. Due to the intricacies of the transaction, closing took longer than expected, with it ultimately crossing the finish line in 11 months.
Van Ameringen previously held senior management roles in several companies including Life Care Centers of America, Vice President at Colliers International Atlanta, Inc., and Vice President of Business Development at 12 Oaks Senior Living. This extensive experience enabled him to establish his own boutique seniors housing brokerage. Keep an eye out for future transactions, as Marcus & Associates has plans for steady growth.
