INDIANA — Evans Senior Investments (ESI) has arranged the sale of an assisted living community in Indiana. The price and location were not disclosed.
The seller was a publicly traded REIT seeking to divest of a non-performing asset. In 2018, the community had stabilized occupancy levels aboce 95 percent. However, in recent years the occupancy has slipped due to new competition in the surrounding submarket. At the time of sale, the community’s unit occupancy was 60 percent and it was operating at a negative cash flow margin.
The buyer was a regional owner-operator looking to expand in the state.
“This acquisition presented a great opportunity for a new ownership group with operational expertise and synergies in the state of Indiana to acquire the asset below replacement costs and lease up the community with an efficient expense structure as this community is folded into their portfolio,” says Jason Stroiman, president and founder of ESI.