Nick Cacciabando, Ryan Saul and Jeff Binder sold a 92 Bed/82 Unit Assisted Living and Memory Care Facility in Phoenix, Arizona. The Seller, a Detroit based bank, acquired ownership of the property through foreclosure in June 2011. The 45,422 square foot building was approximately 61% occupied at the time Senior Living commenced marketing of the facility. The main payor source is Medicaid which totaled over 80% of revenue.Senior Living was able to generate multiple offers. The ultimate Buyer was selected in part because the offer had no financing contingency and they were able to close quickly. The Buyer is a national owner/operator with an existing presence in the market. The facility was built in 1974 and had a negative EBITDA of ($158,605). The sales price was $3,225,000 ($39,329/unit). For additional information please contact Jeff Binder or Nick Cacciabando at 314/961-0070 or Ryan Saul at 630/858-2501.
