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MOBILE, Ala. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Azalea Gardens, a 170-bed skilled nursing facility in Mobile.
The asset was built in 1968 and renovated in 1982. Occupancy was 60 percent at the time of sale. The facility is part of a land lease with a local hospital.
The seller was looking to divest from a non-core market. A local owner-operator familiar with the market acquired the property for $11 million, or $64,700 per bed.
Bradley Clousing and Matt Alley handled the transaction for SLIB.