SLIB Arranges $12M Sale of Independent Living Community in Ohio

by Jeff Shaw

MAYFIELD HEIGHTS, Ohio — Senior Living Investment Brokerage Inc. (SLIB) has arranged the sale of Gates Mills Club, an independent living community in the Cleveland suburb of Mayfield Heights, for $12 million.

Gates Mills contains 120 units and is located on a 1.7-acre plot. At the time of sale, the community was 88 percent occupied. The sale price, which equates to $100,000 per unit, represents a 6.7 percent capitalization rate.

The community was built in 1979 as an assisted living facility. The seller, a private owner based in California, bought and remodeled the property for independent living in 2008. The buyer, also a private owner, is based in Kentucky. The specific names were not disclosed.

Ryan Saul, a managing director for SLIB, arranged the sale.

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