DANBURY, Conn. — Evans Senior Investments (ESI) has arranged the $9.8 million sale of The Gardens, a 48-unit assisted living community in Danbury.
Originally built in 2000, The Gardens is located 30 miles West of New Haven. At the time of the sale the community averaged 85 percent occupancy over the prior 12 months. The community was profitable but underperforming due to the high operating expense structure, according to ESI.
ESI represented the seller, an independent owner/operator. The buyer was a Maryland-based operating company.
The price equates to approximately $203,000 per unit. The community traded at a value-add-based capitalization rate of approximately 3.5 percent, with the buyer expecting immediate execution of their profitability-enhancing strategy.