Patrick Burke, Bradley Clousing and Toby Siefert of Senior Living Investment Brokerage, Inc. recently closed on an Assisted Living Sale in Virginia. The Assisted Living sale consists of 42 units, 33,480 square feet on 5.3 acres in the scenic Appalachian Mountains of Southwestern Virginia. Of the 42 units, 28 have private bathrooms and 14 units have shared baths btween the resident rooms. The community includes 12 units dedicated to Memory Care. The purpose built building was originally constructed in 1989 with an addition in 1994. The building underwent a major renovation in 2014. Once the improvements were completed, the lender/bank (Seller) did not allow the building to reopen as it was clear ownership was headed to default. As a result, the asset was vacant at the time of sale and had not reopened after the renovations were completed. The Buyer is a Virginia based assisted living and skilled nursing operator with five other locations throughout the State. Licensing was approved upon change of ownership and the new owner hopes to open and lease up the community in 2016. For additional information on this Assisted Living sale or to inquire as to how Senior Living Investment Brokerage can assist you with your investment goals, contact Toby Siefert, Brad Clousing or Patrick Burke at 630/858-2501.
