Matthew Alley of Senior Living Investment Brokerage announced another Lone Star State deal, selling a 20-unit memory care community in Sugar Land, Texas. Built in 1998, the community was the only seniors housing asset of a not-for-profit organization, which decided to divest. It was 80% occupied but losing around $30,000 a year on $1.26 million of revenues. A local family-owned company will look to take advantage of its market presence to bolster census and improve the operating margin. They paid $1.6 million, or $80,000 per unit.
Not-for-Profit Divests Texas Standalone MC Community to Family-Owned Company
