ALLENTOWN, Pa. — Evans Senior Investments (ESI) has arranged the sale of an 80-unit assisted living community in Allentown.
An independent owner-operator sold the property to Hamister in an all-cash transaction. The price was not disclosed.
The property was built in the 1980s, is 100 percent private pay and received in-place rates just shy of $5,000 a month. At the time of marketing, the community was 94 percent occupied and making over $800,000 in net operating income. Along with the community’s strong surrounding demographics, the facility implemented a rate increase in the beginning of the year that the buyer was able to take advantage of.
“The community maintained 100 percent occupancy all throughout the transition process even with new supply opening up in the market,” says Brendan DeSilvia, associate at ESI. “We were able to showcase the depth of the market and the excellent reputation the independent owner-operator had with the local community.”