Colliers Arranges Sale of Assisted Living Community in Florida for $5.4M

by Jeff Shaw

PENSACOLA, Fla. — Colliers International has arranged the sale of Asbury Place, a 38-unit assisted living community in Pensacola on the Florida Panhandle, for $5.4 million.

The seller, Cooper-Solice Inc., built the community in 1997 and has operated it since 1998. The buyer, CareTrust REIT, plans to expand the facilities, but without significant new construction on the community’s 1.06 acres.

The purchase price represents a price per unit of $142,105. At the time of closing Asbury was 90 percent occupied with a gross revenue of $1.6 million and operating expenses of $1.1 million.

Kenneth Carriero, senior vice president, Damien Carriero, associate vice president, of Colliers’ National Seniors Housing Group, represented the seller in the transaction.

You may also like