Ryan Saul recently procured A Buyer for an Independent Living sale in Ohio. The 120 unit community is located in one of the most affluent suburbs of Cleveland. The community was originally built as an assisted living community in 1979. When the Sellers purchased the building in 2007, they renovated the property in 2007 and 2008 and elected to operate it as an Independent Living Community rather than provide adult care and services. The Buyer plans on continuing to operate the building as Independent Living but based on the original assisted living construction, they have the option to convert the building to assisted living or Medicaid Waiver in the future. The Seller is a private owner based in California and the Buyer is a private owner headquartered in Kentucky. The census at the time of sale was 88% and the capitalization rate was 6.71%. For additional information, please contact Ryan Saul of Senior Living Investment Brokerage, Inc. at 630/858-2501 or ryansaul@slibinc.com
