Sold: 68 Unit Assisted Living Facility
Senior Care Realty represented the seller of a 68 unit assisted living facility. The facility had 48 apartment units offering assisted living, and 20 units offer memory care in a separate but attached building. The facility was located minutes west of Madison, Wisconsin.
The facility was 97% occupied with annual revenue in excess of $3 million. Net operating income for the 12 months prior to closing was about $990,000. During the year before sale, the facility experienced greater than normal vacancy but recovered nicely in the months before sale. Annualized NOI for the four months prior to sale was $1,150,000.
After leading this facility since it first opened, the owners were ready for a change in lifestyle. They completed the sale and moved into semi-retirement, leading a life with a flexible schedule and a chance to enjoy the fruits of their labor. It worked out well.
The facility sold in November 2013 for $12,000,000.