December 14, 2011
Grant Kief

Patrick Byrne and Jeff Binder Sell Missouri Assisted Living Facility

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Patrick Byrne and Jeff Binder sold a 40 Bed/28 Unit Assisted Living Facility located in Saint Louis County. Originally constructed a short-term rehabilitation facility, it was purchased and renovated into an assisted living facility by a non-profit organization affiliated with a Catholic based organization. In recent years, the funding for the facility had diminished and a decision was made to close the facility in June, 2011. Senior Living was tasked with repositioning and marketing a vacant building which had lost value upon closure. After only 3 weeks of marketing, Senior Living identified 3 bidders on the property. The Buyer intends on reopening the facility after some minor physical plant changes and redecorating. The Buyer will focus on the private pay market. Built in 1984 and located in a working class community, the 17,864 square foot facility sold for $1,200,000 or $30,000/bed. For additional information, please contact Pat or Jeff at 314/961-0070.