FRONT ROYAL, Va. — A private REIT, partnered with Meridian Senior Living, purchased Loving Arms, a 47-unit assisted living and memory care community in Virginia.
The seller was a private owner exiting the seniors housing business, and the purchase price was $14.3 million.
In addition to standard units, the community includes two cottages (three units each) on its six-acre campus in semi-rural Front Royal. The main building has 16 units dedicated to memory care. With 84 total beds, many units are semi-private but still attract residents at monthly market rates between $4,050 and $5,100 per bed, which is often more affordable than beds closer to Washington D.C. just 75 miles to the east. Loving Arms is I-2 construction, which allows the facility to accommodate a higher acuity than its competitors.
Toby Siefert and Jeff Binder of Senior Living Investment Brokerage, Inc. handled this transaction.