ROME, N.Y. — Evans Senior Investments (ESI) has arranged the sale of The Terrace at Woodland, a 46-unit assisted living and memory care community in the Central New York city of Rome.
An independent owner-operator sold the property to a regional owner operator. The price of $10 million equates to approximately $217,000 per unit and a capitalization rate of 7.5 percent.
Built in 2009, The Terrace at Woodland is licensed for 48 assisted living beds and 12 memory care beds. In addition, the community holds an ALP Medicaid license in the state of New York on 16 of the 48 assisted living beds. Over the past 12 months, the community averaged 80 percent private-pay residents.
During the 12 months prior to sale, the community averaged 90 percent occupancy and a 29 percent net operating income margin.