EL PASO, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of three seniors housing communities — SunRidge of Cambria, Cielo Vista and Desert Springs — in El Paso totaling 167 units of assisted living and memory care.
The communities were built in 1995, 1998 and 2000 and maintained 89 percent, 87 percent and 90 percent occupancy, respectively, at an early point of the onset of COVID-19.
The seller is a debt and equity capital provider looking to divest of a non-core market, while the buyer is a local owner-operator familiar with the El Paso market.
The facilities were hit with COVID outbreaks during the beginning of negotiations of the transaction and census stabilized. The seller closed down one of the three facilities while the transaction was being completed, and that facility will be re-opened with an alternative use.
Ryan Saul and Matthew Alley of SLIB represented the seller. The price was not disclosed.