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FOREST GROVE, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Grove and The Gardens, a 92-unit assisted living and memory care community in Forest Grove, approximately 25 miles west of Portland.
A family retiring from the industry sold the property to a regional owner-operator for $15.7 million.
The community was built in 1996, with memory care added in 2000. The facility is approximately 63,000 square feet and is situated on approximately 2.7 acres of land plus an additional one-acre lot. The buyer plans to remodel and expand the community over the next several years.
Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.