High-quality rural senior living sells
Just how does a high-quality assisted/independent living community located in rural Northeast Ohio maintain a combined occupancy over 90%? Well, aside from having an excellent reputation for care and services, the community was owned by a local golf pro and golf course owner with ties to the seniors housing industry, who would let residents and guests of residents play at his neighboring course free of charge. That added feature certainly must have helped keep census strong over the years, and maybe prompted a few more visits from family members. The community was built in 2001 with 56 units of assisted living, and added 12 independent living cottages between 2004 and 2008. At the time of... Read More »Hospital-owned entrance-fee community sells to non-profit
A 122-unit entrance-fee independent/assisted living community in Marietta, Ohio sold to a faith-based not-for-profit for a net purchase price of $4.4 million, which excludes the assumption of about $6.8 million of entrance fee liabilities. Built in 1997, the community features 60 IL units, 9 IL villas, 48 assisted living units and five IL units that are used for guests. The property was cash flow positive during the Recession (a difficult ask for any entrance fee community) and today operates on a 27% margin, which may improve if the buyer can increase occupancy. The villas are fully occupied, with the IL units at about 87% occupancy and the AL units at about 85% occupancy, for a combined... Read More »Schedule a demo
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