A private investor group recently sold their 217-unit CCRC in Fayetteville, Pennsylvania, with a separate 70-unit assisted living community in Maytown, Pennsylvania, to a large publicly traded REIT for an undisclosed price. The CCRC, which consists of 13 independent living cottages, 112 independent/assisted living and memory care units and 92 skilled nursing beds, was constructed in stages from 1977 to 2014 and includes both entrance-fee and rental residents. Occupancy there stood at around 88%. The previous owners were mulling plans to construct a 168-unit independent living building on the sprawling 100+-acre property. Meanwhile, the assisted living community, built in 1999 and expanded in 2013 to include a secure 12-unit memory care wing, is 90% occupied and has demonstrated a consistent upward trend in operating performance (as with the CCRC). The REIT will lease the communities to a newly-formed operator led by industry veterans. Jacob Gehl of Blueprint Healthcare Real Estate Advisors handled the transaction and was assisted by Mike Segal and Ben Firestone.
