Evans Senior Investments Arranges Sale of Ohio Community for $11.2M

by Jeff Shaw

MARIETTA, Ohio — Evans Senior Investments has arranged the sale of Glenwood Retirement Community, a hospital-owned entrance fee assisted living and independent living community in Marietta, for $11.2 million.

Built in 1997, the community comprises 122 units in 150,000 square feet, for a per-unit sales price of $91,423. The buyer, a faith-based nonprofit, assumed $6.8 million in entrance fee liabilities.

The sale was marketed in conjunction with Harmar Place Skilled Nursing Facility. The Marietta Memorial Health System owns both facilities.

At the time of sale, occupancy was 88 percent. The capitalization rate of the facility was 9.3 percent on the trailing 12 months of net operating income of $1.05 million.

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