Patrick Burke sold a 196 unit Independent Living Facility and a 52 unit Assisted Living Facility with Memory Care. The facilities were in receivership and sold through the U.S. Bankruptcy Court. The previous owner had struggled with occupancy and had not been able to reinvest capital into the buildings for several years. The buildings were adjacent to each other and shared a kitchen, maintenance crew as well as other expense items. There were numerous deferred maintenance issues at the facilities and the new owner was able to secure a line of credit to renovate the facilities. The Buyer, a regional operator out of the Southeast, plans on renovating both facilities and utilizing their marketing experience to improve census. Deespite their negative cash flow, Senior Living Investment Brokerage, Inc. contacted over 50 potential buyers and fielded multiple qualified offers. For additional information, please contact Patrick Burke at 630/858-2501 or burke@seniorlivingbrokerage.com
