Joint Venture Acquires Former Emeritus Community Outside of St. Louis
Veritas Senior Living and Curis Capital joined forces to acquire a 107-unit senior living community in Herculaneum, Missouri (St. Louis MSA). Previously an Emeritus-owned community (before Emeritus sold it to Platinum Healthcare in 2009 and before the Emeritus-Brookdale blow-up), the 30-year old property currently features 81 assisted living and 26 independent living units. The purchase price was not disclosed, but the property last sold for $3 million in 2009. We expect its value has risen since then. The buyers plan on adding an in-house therapy space in partnership with HealthPro. Read More »
Checking in on Chattanooga
Last month we wrote of the sale of a Chattanooga, Tennessee independent living community to a joint venture between Atlas Senior Living and Veritas Senior Living. Now, we can report that Richard Lynn of Marcus & Millichap represented both the buyer and the seller in the transaction, with an assist from Joseph McKibben, who was the broker of record in Tennessee. The community was originally a hotel but converted in 2008 to feature 136 units. It currently is a low-cost provider in the area, with rents ranging from $1,200 to $1,500 per month, but that’s where the buyers see upside. They plan on making some cosmetic renovations as well. Occupancy was around 85% and with a $3.6 million (or... Read More »Schedule a demo
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