Sold: 60 Bed Assisted Living Campus
In September 2017, this assisted living community sold to a family business that was looking for a good investment. After many years in other types of businesses and real estate, they decided to invest in senior living by purchasing this property. The process with this buyer went quite smoothly and quickly – but the sale didn’t start out that way.
Our client, the seller, originally made a deal with another buyer who made a very strong offer. We did our normal due diligence and looked into the buyer to help ensure that they could do what they said they would do. It all checked out. But events and circumstances came up with the buyer that were (mostly) beyond their control and that prevented them from closing. So we needed to go to Plan B.
Our Plan B was to go back to the market and confidentially secure another buyer for the property. It didn’t take long before another buyer made another strong offer, although not quite as strong as the first offer. Since the first buyer’s original offer, the property’s financial performance had declined a bit and the market seemed to cool just a little. The result was a slightly lower sale price but a sale nonetheless to a buyer that could get the job done.
Senior Care Realty helped the seller find many potential buyers confidentially and, in this case, enter into two different contracts for sales to two different buyers. We also helped the buyer connect with a first class management company who will be in charge of day to day operations at the property. In the end, the result was a happy seller-client and a happy buyer who is excited to pick up where the seller left off.
If you would like to learn more about this transaction or how Senior Care Realty can help you buy or sell an assisted living facility, please get in touch with Daren Dudgeon, the manager of this deal, at 608-825-4200, ext. 1002 or at firstname.lastname@example.org.
Here’s our original post on this offering when it came to market:
This is another confidential offering of an assisted living facility for sale. Detailed information is available to those who approve and submit the confidentiality agreement below. Thanks.
This 60-bed assisted living portfolio is located in a Wisconsin county seat community. The campus consists of three 20-bed community-based residential facilities built between 1997 and 2005.
Current occupancy rates are around 94%, and 58% of the residents are private pay. Annualized revenue is currently about $1.75 million, and annualized net operating income was about $618,000.
The property is being offered at a price of $5,500,000 and a 10.3% capitalization rate.
Special Note: This assisted living facility is located about 30 miles from the 90 bed portfolio that is also available.
For More Information, Complete the Confidentiality Agreement Below
For immediate questions, contact Daren Dudgeon at Senior Care Realty. Reach him by phone at 608-825-4200 or by email at email@example.com.
Tagged Features: CBRF