Independent Living Community Sale Handled by Jason Punzel

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Jason Punzel of Senior Living Investment Brokerage, Inc. recently handled an Independent Living Community sale in Washington. The community consists of a 98 unit Independent Living Community with a mix of apartments and cottages on a beautiful 24 acre site. The property was built in phases between 1986 and 2003. It is located just off of Interstate 5 halfway between Portland and Seattle adjacent to a medical center. Senior Living Investment Brokerage, Inc. procured four offers from Regional and National buyers. The Buyer selected is a public REIT with a national presence. They will be leasing the property to a regional operator. The new operator has plans for major capital improvements and future expansion of additional units and services. The census at the time of sale was 95% and the cap rate was 8.7%. For additional information on this or other transactions completed by Senior Living Investment Brokerage, Inc. contact Jason Punzel at 630/858-2501 or [email protected]

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Ryan Saul Drives Independent Living Sale

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Ryan Saul recently procured A Buyer for an Independent Living sale in Ohio. The 120 unit community is located in one of the most affluent suburbs of Cleveland. The community was originally built as an assisted living community in 1979. When the Sellers purchased the building in 2007, they renovated the property in 2007 and 2008 and elected to operate it as an Independent Living Community rather than provide adult care and services. The Buyer plans on continuing to operate the building as Independent Living but based on the original assisted living construction, they have the option to convert the building to assisted living or Medicaid Waiver in the future. The Seller is a private owner based in California and the Buyer is a private owner headquartered in Kentucky. The census at the time of sale was 88% and the capitalization rate was 6.71%. For additional information, please contact Ryan Saul of Senior Living Investment Brokerage, Inc. at 630/858-2501 or [email protected]

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Ryan Saul & Patrick Burke Sell Seniors Housing Portfolio

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Ryan Saul & Patrick Burke Sell Seniors Housing Portfolio in Illinois. The portfolio consists of four Supportive Living Facilities (SLF) in Illinois. SLF is a classification of Assisted Living. Illinois developed the Supportive Living Program as an alternative to nursing home care for low income older persons and persons with disabilities under Medicaid. By combining apartment style housing with personal care and other services, residents can live independently and take part in daily decision making. The Department of Healthcare and Family Services has obtained a “waiver” to allow payment for services that ae not routinely covered by Medicaid. There is a Certificate of Need (CON) on SLF beds, which provides a barrier to entry and value protection for existing communities.

All the properties were built between 2002 and 2006 and were comprised of between 128 and 139 beds. The average census was 73%. Two of the properties are located in Chicago and the other two are located in Rockford and Robbins. The cap rate at the time of sale was 9.4%.

The Seller is a private owner based in Illinois that is exiting the Seniors Housing business. The Buyer is a private owner with other Supportive Living Facilities in Illinois.

For additional information, contact Patrick Burke or Ryan Saul of Senior Living Investment Brokerage, Inc. at 630/858-2501

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Matthew Alley Sells Medicaid Beds

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Matthew Alley of Senior Living Investment Brokerage, Inc. sold 13 Medicaid Beds to a local developer in Williamson County, Texas. Williamson County is located just north of Austin, Texas, and is a highly desirable market. The Seller is a local non-profit group that had placed the beds on “replacement status” shortly before the transaction closed. The Buyer is an owner operator based in New York and operates a facility in the county. The Buyer can benefit from an increase of three additional Medicaid beds when developing a new facility according to the State of Texas allowing a 25% increase for new development.

If you would like more information on this transaction or have Medicaid Beds you would like to sell, please contact Matthew Alley of Senior Living Investment Brokerage, Inc. at [email protected] or 630/858-2501

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