Jeff Binder sold a 42 unit Assisted Living and Memory Care Community in one of the fastest growing cities in Iowa. The community consisted of 36 assisted living units and 6 memory care units. Originally constructed in 1995 as a condominium, it was converted and renovated for assisted living in 2000. The three story building is comprised of approximately 29,000 square feet on 0.6 acres. The spacious units have a number of amenities not typically found in assisted living communities such as gas fireplaces and balconies. At the time Senior Living was hired to market the community, the occupancy was near 70% and had been experiencing a slow decline in performance over the past 4 years. The Seller is an Iowa owner/operator divesting this asset in order to exit the seniors housing sector. The Buyer is a regional owner that plans to use their broader base to gather economies of scale. For additional information on this transaction, please contact Jeff Binder at 314/961-0070 or binder@slibinc.com
