INDIANAPOLIS — On New Year’s Eve, Ryan Saul and Jeff Binder of Senior Living Investment Brokerage Inc., leaders in seniors housing brokerage, represented the seller in the sale of an Indiana assisted living and memory care facility.
GreenTree at Post Road consists of 82 assisted living units and 42 memory care beds/units. The assisted living wing was constructed in 1999 with a renovation in 2009; the memory care wing was constructed in 2007. The community is comprised of approximately 113,000 square feet and sits on 2.5 acres. At the time of the sale, overall occupancy was approximately 80 percent.
The seller is a publicly traded REIT and a regional operator. The operator, along with the REIT, sold in order to deploy equity to new development underway in other core states.
The buyer is a private, regional owner that sold their portfolio a few years ago. Having previously owned/operated in Indiana, this community is their first acquisition to re-enter the market. The new owner plans to increase occupancy by bringing in Medicaid waiver certification and focusing on building census.
“This transaction was a win-win for buyer and seller,” says Saul. “It provided an opportunity for the buyer to acquire a quality seniors housing asset with marked upside while allowing the seller to capitalize on the strong market to allocate equity to new development in core states.”