ESI Negotiates $38M Sale of Two Communities in Arkansas

ROGERS and BENTONVILLE, Ark. — Evans Senior Investments (ESI) has arranged the sale of a two-property seniors housing portfolio in Arkansas for $38 million.

The two communities are approximately 10 miles away from each other in Rogers and Bentonville, both located in the northwest corner of the state near the Missouri and Oklahoma borders. Both communities are Class A and were opened within the last three years.

The portfolio totals 208 units: 56 independent living cottages, 116 assisted living units and 36 memory care units. The price equates to approximately $183,000 per unit.

At the time of the sale, the Rogers community averaged 77 percent occupancy. The Bentonville community just recently opened and is in the early stages of lease-up.

ESI represented the seller, a regional owner-operator, in the transaction. The buyer was a a joint venture between Bridgewood Property Company and Harrison Street Real Estate Capital, which leased the communities to a Texas-based operator.

Aron Will of CBRE arranged acquisition financing for the buyers. The five-year, floating-rate loan features 36 months of interest-only payments. A regional bank provided the capital.