ROCKY RIVER, Ohio — Evans Senior Investments (ESI) has brokered the sale of Rockport Senior Living, a 117-unit assisted living and memory care community in the Cleveland suburb of Rocky River.
A local independent owner sold the property to an undisclosed buyer for $4.8 million, or $41,000 per unit.
Built in 1967, Rockport Senior Living was originally a hotel that was converted into a senior living facility in 1986. Located less than 10 miles from downtown Cleveland, the facility has a unit mix of 108 assisted living units and nine memory care units.
Rockport Senior Living was 90 percent occupied at the time of market exposure. Due to the COVID-19 pandemic, the facility shut its doors to new admissions in March, which subsequently brought occupancy down to 72 percent at the time of sale.
The buyer will bring in Embassy Healthcare, a regional operator, to manage the facility.