CLEVELAND — Senior Living Investment Brokerage has arranged the sale of Larchwood Village and West Park Commons, a 165-bed skilled nursing and assisted living facility in Cleveland, for $11 million.
The seller was a private partnership looking to focus on other areas of the country. The buyer was the existing operator.
The community was built in 1978, with improvements made in 1991 and 2014. The 2014 project included converting the independent living units to assisted living. The three-story building sits on four acres.
The property was 70 percent occupied at the time of sale, though that number includes 24 assisted living units that were intentionally vacant due to renovations. The sale represents a per-bed price of $66,667 and a capitalization rate of 11.3 percent.
Ryan Saul and Brad Clousing of Senior Living Investment Brokerage Inc. facilitated the sale.