February 28, 2023
Sale of an Assisted Living and Memory Care Facility in Indiana
ESI arranged the sale of a 48-unit assisted living and memory care community on behalf of a regional family ownership group.
Located in Merrillville, Indiana, the community was originally purpose built for memory care in 2016 and received in-place rates above $5,000 a month. In late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units.
The community experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February of 2022. At the time of marketing, the community was 79% occupied and experiencing positive cash-flow.
ESI ran a selective marketing process to a group of seniors housing buyers and secured multiple offers. Lloyd Jones was ultimately selected as the buyer.
“This was a strategic fit for Lloyd Jones having acquired an asset nearby in Valparaiso earlier in the year. They’re looking forward to folding this community into their existing operations as they look to accomplish their ambitious growth goals,” commented Brendan DeSilvia, associate at Evans Senior Investments.