Toby Siefert handled the $3,500,000 sale of a 142 unit Assisted Living Facility in Central Virginia. Prior to the sale, the owner increased the licensed bed capacity from 191 to 225. This facility is considered an “AG Home” (Auxilary Grant) since roughly 80% of the revenues come from the acceptance of state reimbursement while the remaining 20% of residents are private pay. This palys heavily on the sale price/cap rate. The building, built in 1980 and renovated in 2008 and 2010, sits on 18 acres. This was the only seniors housing property the Seller owned. The Buyer, a local operator with multiple assisted living facilities throughout the state, used an SBA loan for financing the purchase of the stock of the company as opposed to an asset purchase. Congratulations Toby. For additional information, please contact Toby Siefert at 630/858-2501 or siefert@slibinc.com
