COLUMBIANA, Ohio — Evans Senior Investments has arranged the sale of Whispering Pines Village, an independent living and assisted living facility in Columbiana, for $13.3 million ($194,852 per unit).
The facility features 12 independent living villas and 56 assisted living units for a total of 68 units.
Located in rural Northeast Ohio, the assisted living portion of the community opened in 2001. The independent living villas were built between 2004 and 2008.
The previous owner graded 13 acres for the construction of 12 additional independent living villas. The villas under construction are not included in the purchase price and will be purchased upon lease-up.
At the time of sale, the capitalization rate was 7.2 percent on the trailing 12 months’ NOI of $953,000. Occupancy was 94 percent.
Evans Senior Investments (ESI) is a seniors housing investment banking firm based in Ohio.