Patrick Byrne has sold a 65 unit assisted living community in Illinois located approximately 40 miles outside St. Louis. The facility opened in 2004 with much success. In 2008 the addition opened in the height of the recession and struggled before ultimately filling by offering “life contracts” to new residents. The facility census stabilized but the margins suffered due to below market rents. In recent years the margins began to improve as units leased at below market rates turned over. The Seller was a local group of investors. The Buyer was American Realty Capital who retained Meridian Senior Living as the operator. The census at the time of sale was 95.4% and the cap rate was 8.18%/3.67 GIM on annualized financials. For additional information contact Pat Byrne at 314-961-0070 or byrne@slibinc.com
