May 27, 2015
Grant Kief

Senior Living Investment Brokerage Sells Assisted Living Facility in Florida

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Brad Clousing and Patrick Burke of Senior Living Investment Brokerage represented the Seller of a 53 unit Assisted Living Community in Florida just north of Palm Beach.  Originally built as a nursing home, it was converted to an assisted living facility in 2004.  It boasts an updated physical plant and expansive enclosed courtyard.  The Seller was a North Carolina based partnership and this was their only seniors housing asset in Florida.  The Buyer is a South Florida based regional operator that intends to make additional physical plant upgrades, explore providing memory care services and increase rates and subsequent margins.  The property sold for $3,900,000 at an 8.8% cap rate.  Multiple offers were procured by Senior Living Investment Brokerage for selling the assisted living facility.  For additional information, please contact Patrick Burke at burke@slibinc.com or Bradley Clousing at clousing@slibinc.com  630/858-2501