GLEN ELLYN, Ill. — Senior Living Investment Brokerage has brokered the sale of a five-community portfolio — four in South Carolina and one in Florida — for a purchase price of $29 million.
The seller, The Hollinger Group, elected to sell the portfolio to capitalize on the strong mergers and acquisitions market and focus on rehabilitation facilities, long-term acute care hospitals and continuing care retirement communities.
All assisted living facilities, the Hollinger portfolio sold consists of: Royal Oaks, Summerville, S.C.; River Oaks, Port Royal, S.C.; Magnolias of Easley, Easely, S.C.; Magnolias of Gaffney, Gaffney, S.C.; and Hudson Manor, Tampa, Fla.
Royal Oaks and River Oaks, built in 1996 and 1993, respectively, sold for $7.2 million. Magnolias of Easley and Magnolias of Gaffney, built in 1999 and 2007, respectively, sold for $15.3 million. Hudson Manor, which was built in 1925 but renovated in both 1990 and 2004, sold for $6.7 million.
The total portfolio includes 282 assisted living units and average occupancy is 94 percent.
The buyer was a REIT that selected a regional company to operate the communities.