QUAIL CREEK, Okla. — Evans Senior Investments (ESI) has arranged the sale of Quail Creek, a 103-unit assisted living and memory care community in the Oklahoma City suburb of Quail Creek.
A private equity investor sold the asset to a regional operator for $6.5 million, or $63,000 per unit.
Built in 1999, the community is licensed for 116 beds and the community’s resident base is 100% private pay. At the time of marketing, the community was averaging 41 percent occupancy on total revenue of $1.8 million. Due to the low census the community had a negative NOI of over $1 million.
“The buyer intends to complete extensive renovations to the community to bring the unit sizes and amenities to the standards of modern-day seniors housing communities,” says Henry Fuller, senior associate at ESI.
“We continue to see regional operators as the most active buyers for value-add senior housing and Quail Creek provided a great opportunity for a regional operator to enter a new market well below replacement cost,” adds Jeremy Stroiman, CEO of ESI.