Savannah Senior Living Community Sells
Brad Clousing and Dan Geraghty of Senior Living Investment Brokerage sold a 59-unit independent/assisted living community in Savannah, Georgia for an undisclosed price. Built in 1991 and 1992, the community had a well-maintained physical plant and recently converted from a personal care license to assisted living. Occupancy was in the 60s. The seller was looking to divest the property in order to focus on the development of their larger campus-style assets and decided to sell to Mainstay Senior Living. Read More »
SLIB Facilitates AL Sale in Nevada
Senior Living Investment Brokerage’s Vince Viverito, Jason Punzel and Brad Goodsell have facilitated the $13.9 million sale of an assisted living and memory care community in Gardnerville, Nevada. Built in 1997, the 65-unit community, priced per bed at $214,615, had annualized revenue of $3.39 million, an EBITDA of $1.04 million and a cap rate of 7.4%. Named Carson Valley, the community had a slight occupancy decrease in 2020 but eventually increased to 92%. The property is 40,610 square feet and sits on 2.54 acres. The buyer is a Western U.S.-based private equity firm and the seller was undisclosed. Read More »
Central Illinois SNF Sells
Ryan Saul and Jeff Binder of Senior Living Investment Brokerage closed on the sale of a 70-bed skilled nursing facility in central Illinois at the start of November. Built in 1970 but with an effective age of 25 years, the facility was in good condition at the time of the sale. Occupancy was trending positively at 75% (hopefully that continues heading into winter) and the quality mix was 30%. But stabilized occupancy was around 87%, with margins in the mid-teens. Its regional owner/operator, which had operated the facility for several years, was looking to exit a non-core asset, while the undisclosed buyer was looking to expand their presence in central Illinois. No other details were... Read More »
SLIB Facilitates Sale of Two Communities
Senior Living Investment Brokerage’s Brad Goodsell, Jason Punzel and Vince Viverito recently closed the sale of a 150-unit active adult community in Memphis, Tennessee. Built in 1985 and sold for $8.55 million, or $57,000 per unit, this community exchanged hands with a 94% occupancy rate. The undisclosed seller of Tranquility at Hickory Hill offered to rebuild 10 extra units destroyed by a fire, bringing the total unit count to 160. Tranquility, sitting on 13 acres with 162,000 square feet, had an annualized revenue of $1.25 million and $500,000 of EBITDA, resulting in a 5.9% cap rate at the time of closing. The buyer is a multifamily-focused investment group based in southern... Read More »Schedule a demo
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