Bradley Clousing and Dan Geraghty of Senior Living Investment Brokerage announced a couple of deals in the Peach State involving four total properties. First was the sale of Oaks Senior Living Portfolio, which included two assisted living/memory care communities about 90 miles apart in Leesburg and Columbus. Built in 2019 and 2018, respectively, they total 154 units and are operating well with 91% combined occupancy. The owner, Oaks Senior Living, also operated the properties, and will continue to do so under new ownership.
The buyer was revealed to be a 1031 exchange called 1031 Crowdfunding LLC, which represents investors with 1031 exchange-qualified properties through Delaware Statutory Trusts. It made this acquisition through an affiliate, 1031CF Portfolio 2 DST.
The other sale involved two assisted living/memory care communities in Cartersville and Calhoun totaling 175 beds and 127 units. The Fountains in Cartersville opened in 2018 and experienced strong lease-up leading up to the pandemic, which caused a census decline. However, it has rebounded, and occupancy was maintained between 95% and 100% in the last quarter, often with a waitlist. Meanwhile, The Fountains in Calhoun received its certificate of occupancy in March 2021, and the license was approved in May 2021. It is in the process of leasing up now.
The seller was a private owner/operator/developer that is existing the business. A partnership between a private REIT and a regional operator emerged as the buyer, for an undisclosed price.
