Memory Care Sale procured by Brad Clousing
Bradley Clousing of Senior Living Investment Brokerage, Inc. recently handled an Assisted Living and Memory Care Sale in Tennessee. The asset consisted of 42 total units (32 assisted living units and 10 memory care nits). The 23,162 acre community is situated on over 8 acres and was constructed in 2000. The property sold as part of a larger portfolio sale to Valstone Partners in December, 2015. Brookdale remained under a management agreement post closing. This particular asset was not in the strategic footprint of Valstone so they elected to pursue a sale after closing on the portfolio transaction.
The property is located in Newport, Tennessee. The purchase price is $3,900,000 which was $93,000 per bed. The census at the time of sale was 95%. The capitalization rate was 8.5% and a gross income multiple of 2.4x. The Buyer is a regional owner operator based in Florida. They are ambitiously growing their portfolio and presence throughout the Southeast. The acquisition was financed through a FNMA insured Loan.
For additional information on this Assisted Living and Memory Care Sale, please contact Bradley Clousing of Senior Living Investment Brokerage, Inc. at 314/858-2501 or at [email protected]