December 31, 2019
Sale of Golden Crest Assisted Living Portfolio in Georgia
ESI sold the GoldenCrest Assisted Living Portfolio, a 57-unit assisted living community in Stockbridge, Georgia and a 40-unit memory care community in Morrow, Georgia.
The portfolio sold for $12,000,000 or $124,000 per unit.
Built in 1990, GoldenCrest at Eagles Landing is a 57-unit assisted living community with a 100% private pay resident base. The community is consistently 90%+ occupied and was running at a 25% EBITDAR margin for the trailing twelve months at the time of market exposure.
Built in 1996, GoldenCrest at Morrow is a 40-unit memory care community with a 100% private pay resident base. The community had just undergone a transition from assisted living and memory care units to all memory care units. The facility was still in its final stages of leasing up these new memory care units and was profitable, but presented a value-add opportunity for the new ownership group.
ESI represented the seller, an independent owner-operator, in the transaction. Jason Stroiman, President of ESI, commented “The GoldenCrest Portfolio presented the buyer an exciting opportunity to further expand their footprint in the Atlanta Metro and continue their growth oriented strategic plans.”
The buyer was a regionally based owner-operator.