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May 20, 2024

Sale of the Shrewsbury Campus in Massachusetts

ESI sold the Shrewsbury Campus, a Continuing Care Retirement Community in Shrewsbury, Massachusetts. The transaction was completed on behalf of an independent owner-operator.


Situated 10 minutes outside of Worcester, the Shrewsbury Campus is made up of three components: Senior Living (Southgate at Shrewsbury), Skilled Nursing (Shrewsbury Nursing & Rehabilitation), and Medical Office Buildings (Shrewsbury Medical Center).

Established between 1969 and 1986, Southgate at Shrewsbury and Shrewsbury Nursing & Rehabilitation, offer a combined total of 171 independent living units, 60 assisted living units, and 99 skilled nursing beds. This unique opportunity, covering several care types in one transaction, enables the provider to meet the needs of residents at every stage of their journey. 

Additionally, the campus hosts Shrewsbury Medical Center, which is made up of two medical office buildings. The east office building, constructed in 1970 with 8,335 square feet, offers a total of 5 suites. 10 years later, the west office building was built adjacent, covering 13,720 square feet and offering 10 suites. 

At the time of marketing, the campus demonstrated strong potential for continued success, with Shrewsbury Medical Center 100% occupied, Southgate at Shrewsbury 98% occupied, and Shrewsbury Nursing & Rehabilitation 70% occupied. Prior to the COVID-19 Pandemic, the skilled nursing component consistently achieved an average 86% occupancy rate. ESI effectively identified opportunities for prospective buyers to increase Shrewsbury Nursing & Rehabilitation’s occupancy, with the goal of exceeding pre-pandemic levels.

Evans Senior Investments ran a competitive and confidential marketing process, engaging with a select group of prospective buyers. The Atlas Healthcare Group was ultimately selected as the buyer. 

“This transaction was unique since the independent living and assisted living units boasted a large entrance fee liability and mortgage indenture that was put in place 30 years ago. It required a very sophisticated buyer to understand and overcome these nuances.” commented Jason Stroiman, President at ESI. 

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