MASON CITY, Iowa — Evans Senior Investments (ESI) has arranged the sale of Country Meadow Place, a 56-unit assisted living and memory care community in Mason City, approximately midway between Des Moines and Minneapolis.
An independent owner seeking to exit the industry sold the property to its existing operator for $13 million, or $232,142 per unit.
The community was originally built in 1985 as a 36-unit memory care community. In 2013, Country Meadow was acquired and five years later underwent a 20-unit assisted living expansion.
At the time of marketing, the community boasted a 100 percent occupancy rate, a 95 percent private pay ratio and a net operating income exceeding $1.4 million. The community has maintained full occupancy over the last 13 months.