Brad Clousing and Patrick Burke recently sold a 50 Unit Assisted Living Community in Naples, Florida. The transaction was subject to the assumption of an approximately $3.3 million HUD loan and replacement reserve balance. The sale price of the 1997 building was $5,600,000. The census at the close of escrow was 80% and the cap rate was 3.7%. The Seller was a partnership based in Naples and operated by a related entity. The Buyer was a Memphis based partnership and will be operated by a Florida based management firm. The Buyer intends to improve census and operating margins through a dedicated focus on memory care. For additional information on this or other Senior Living Investment Brokerage transactions, please contact Brad at [email protected] or Patrick at [email protected] (630) 858-2501.
