MERIDEN, Conn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Miller Memorial Community in Meriden, approximately midway between Hartford and New Haven.
The 90-bed skilled nursing community also features 19 cottage-style apartment units.
The campus was under nonprofit ownership since its inception. While the community was operating at a heavy loss during the marketing period, buyers were attracted to the community due to it being non-union and having an above-average Medicaid rate, according to SLIB.
The seller is a nonprofit based in Connecticut that had owned and operated this single community since its inception. The buyer is a growing, Northeast-based private equity group seeking to expand its footprint into the Connecticut market.
Ryan Saul and Dave Balow of SLIB handled the transaction.