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MARION, Ind. — Evans Senior Investments (ESI) represented a local nonprofit owner’s exit from the long-term care industry. Encompassing three assets total, the senior living and skilled nursing portfolio sold for $29 million, or $97,000 per bed/unit.
Built in 1982 and 1995, the portfolio was being leased to an Indiana-based regional operator, which had approximately 10 years remaining on its current triple-net lease.
That operator was the buyer, exercising its right of first refusal to purchase the properties from the Marion-based seller.
The operator plans to make extensive renovations to the properties to better serve the residents in these local submarkets.