HENDERSONVILLE, Tenn. — Evans Senior Investments (ESI) has arranged the sale of Main Street Senior Living, a 58-unit assisted living and memory care community in the Nashville suburb of Hendersonville.
A private equity company sold the asset a Southeast-based regional owner-operator for $4.9 million.
The community is licensed for 99 beds and the resident base is 100 percent private pay. At the time of marketing, the community was averaging 62 percent occupancy on total revenue of $1.5 million. Due to the low census the community was not profitable and was losing over $900,000 of net operating income over the last 12 months
“The new owner has plans to expand the community via the excess land adjacent to the property,” says Henry Fuller, senior associate at ESI.