Ryan Saul, Brad Clousing and Jeff Binder closed the second portion of the Hollinger Group portfolio. This portion of the portfolio consisted of 6 seniors housing communities located in New Jersey, Pennsylvania, Virginia and Maryland. The properties were built between 1986 and 2012 and totaled 299 beds. This portion of the portfolio sold for $54,475,000 at a 7.48% cap rate. The overall census was 94% and closed escrow at over $182,000 per unit. The Seller is exiting seniors housing to focus on rehab, LTACH and CCRC’s. The Buyer was Care Investment Trust who selected a strong, regional operator to manage the properties on their behalf. Senior Living had sold the first portion of the portfolio the previous month for $29,125,000 (see earlier blog post) bringing the total portfolio value to $83,600,000.
