1031 Crowdfunding announced the acquisition of its first seniors housing communities in the state of Utah. The two assets combine for a total of 178 units of assisted living and memory care. Built in 2011 and 2016 respectively by the same developer, Spring Gardens St. George and Spring Gardens Lindon total 156,473 square feet across 5.8 acres. Both communities are on seven-year leases, and are within a four-mile radius of local hospitals.
Occupancy remained strong throughout the pandemic, and the assets were at or above 97% occupancy with a combined EBITDAR exceeding $2.25 million. Avista Senior Living operates both communities and will continue to do so under new ownership. Jacob Gehl, Amy Sitzman, Humair Sabir and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors handled the transaction.
