Magnolia Health Systems has purchased a 77-unit assisted living facility for $8.0 million that Sunwest had purchased in 2007 for $7.35 million. The property was developed in 2001 for $5.5 million but was only open for a few months before closing its doors for three years. Senior Living Investment Brokerage sold the vacant building in 2004 for $3.8 million. The Buyer then completed extensive renovations before selling it to Sunwest at a much higher price via Senior Living Investment Brokerage. Ryan Saul of SLIB has sold it once again. At the time of the current sale, occupancy was just under 80%. Current rents range from $2,000 to $3,195 per month with an average of $2,400. The new owner should be able to raise rates and occupancy. . Magnolia operates 26 facilities in Indiana, mostly skilled nursing plus a handful of assisted living facilities.
