The purchase price amounted to $13,000,000, or $232,142 per unit.
The community is located in Mason City, Iowa and was originally built in 1985 as a 36-unit memory care community. In 2013, Country Meadow was acquired and just 5 years later underwent a 20-unit assisted living expansion. At the time of marketing, the community showcased outstanding performance metrics, including an impressive 100% occupancy rate, a 95% private pay ratio and a net operating income exceeding $1,400,000. Notably, the community has maintained full occupancy over the last 13 months.
Evans Senior Investments executed a highly confidential marketing process, strategically targeting a select group of potential buyers. ESI acted on behalf of an independent owner seeking to exit the industry, achieving a seamless transition for both parties. The existing operator emerged as the winning bidder and took the deal directly to HUD.
“This sale of a stabilized senior living facility reflects Evans Senior Investments' dedication to efficient transactions, skillfully navigating through the challenges presented by the current market conditions,” commented Jana Harris, Senior Associate at Evans Senior Investments. “The strategic expansion and meticulous management of Country Meadow Place have positioned it as a standout community. This sale is a testament to our ability to identify and maximize value.”