ESI Arranges Sale of Community in West Virginia for $16.5 million

by Jeff Shaw

ONA, W.V. — Evans Senior Investments has brokered the sale of Midland Meadows, 98-unit seniors housing community in Ona, for $16.5 million, or $168,367 per unit.

The facility features six independent living units, 62 assisted living units, and 30 memory care units, all of which are frequently 100 percent occupied, according to ESI.

Midland Meadows was built in 2007 with additional memory care and independent living units added in 2013.

The buyer was a regional operator backed by a public REIT. The final capitalization rate of the facility was 8.4 percent on the net operating income of $1.4 million.

ESI is a Chicago-based investment banking firm.

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