OHIO — Evans Senior Investments (ESI) has arranged the sale of an assisted living and memory care community in Ohio.
A private equity firm based on the East Coast sold the asset to Eden Senior Care, an Illinois-based owner-operator with a presence in Ohio. The price and name of the community were not disclosed.
The community’s campus comprises seven separate cottages. Each cottage is made up of both assisted living and memory care units. Originally built in 1999, the seniors housing community has a total of 90 units and was 100 percent private pay.
At the time of marketing, the community was 47 percent occupied with negative cash flow.
“The buyer plans on utilizing their regional team already in place in Ohio to oversee the community and begin the turnaround process,” says Brendan DeSilvia, senior associate at ESI. “It was a strategic fit for the buyer as they would like to continue to grow their presence in the state with both skilled and seniors opportunities.”