DUNBAR, W.V. — Evans Senior Investments (ESI) has arranged the sale of SweetBriar Assisted Living, a 65-unit assisted living and memory care community, for $7.1 million, or $110,000 per unit.
The community is located in Dunbar, five miles east of Charleston. It was originally built in 1990, and underwent additional expansions in 1999, 2003 and 2007. Today the community has 75 functional beds and 85 licensed beds, and the resident base is 100 percent private pay.
At the time of marketing, the community was averaging 95 percent functional bed occupancy and total revenue of over $3.7 million. Due to bans on admissions from COVID-19, the community dipped in occupancy throughout the pandemic, reaching a low of 69 percent. At the time of sale, occupancy had recovered to 87 percent.
A regional owner-operator acquired the property from a local owner-operator looking to exit the industry.