Michael Mooney and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap sold a seniors housing community in Bellingham, Washington. Built in 1978, the community comprises 66 assisted living units and 70 beds. It was not stabilized, although there was some positive cash flow and occupancy was in the mid-80s. The deal was initially marketed more than a year ago, and Stahler and Mooney eventually secured the best bid from a regional operator with a pre-existing footprint in the Bellingham market. The improving capital markets, operating and M&A environments across that period helped push that final purchase price up, as well. No additional details were disclosed.
In another transaction handled by the Knapp-Stahler Group, Michael Inforzato and Justin Knapp facilitated the sale of a seniors housing community in Rhode Island. The well-established, fully occupied community comprises 31 assisted living units and 62 beds. The community primarily serves Medicaid Waiver residents with a strong behavioral health component, and has a significant waiting list. Three competitive letters of intent were secured within a few months of marketing. The buyer and purchase price were not disclosed.
