Having been built in the 80’s, the community was 100% private pay and received in-place rates just shy of $5,000 a month. At the time of marketing, the community was 94% occupied and making over $800,000 in net operating income. Along with the community’s strong surrounding demographics, the facility implemented a rate increase in the beginning of the year that the buyer was able to take advantage of.

ESI ran a selective marketing process to a group of seniors housing buyers and secured multiple offers. “The community maintained 100% occupancy all throughout the transition process even with new supply opening up in the market. We were able to showcase the depth of the market and the excellent reputation the independent owner/operator had with the local community. The culture in the community was unmatched across the industry,” commented, Brendan DeSilvia, associate at Evans Senior Investments.

Hamister was ultimately selected as the buyer and closed all cash for the community.

Evans Senior Investments continues to observe the difficulty of operating long term care assets in today’s marketplace with rising labor costs, the COVID-19 Pandemic, rising interest rates, and the increasing need for compliance oversight.