Jeff Binder was engaged to sell a 53 unit Assisted Living facility in northwest Oregon. The building consisted of 41 studio units and 12 one-bedroom units. Constructed in 1999, the attractive two-story building sits on 2.15 acres. The community has a strong operating history, including several years at, or near, full capacity, and an excellent reputation in the market. At the time of the sale, census was near 93%. The building is a participant in the Medicaid program and the Medicaid census at the time of sale was 50%. The transaction closed at a 9.3% capitalization rate/$128,302 per unit. The Buyer assumed debt issued by the Oregon Housing and Community Services Department that carried unfavorable terms but certain penalties associated with the debt prevented pre-payment. The Seller is based in Oregon and divested the asset to exit the seniors housing sector and plans on using the proceeds on a more passive investment. A national seniors housing operator managed the facility for the Seller and will remain under a new third-party management agreement. The stable financial history, solid reputation and quality location just outside of Portland, helped secure multiple offers. The Buyer is a national owner with plans to increase their operating presence in Oregon. For additional information, please contact Jeff binder at 314/961-0070 or binder@slibinc.com
