SAVANNAH, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Commons, an independent living, assisted living and memory care community in the coastal city of Savannah.
The property offers 209 units approximately eight miles southwest of the city’s historic downtown. The majority of the units — 149 — are for independent living. All the assisted living areas were recently converted from a personal care license to an assisted living license, giving the new owner flexibility to adapt to different acuity levels.
The asset totals 178,281 square feet. It was built in 1986 and renovated most recently in 1998.
A partnership between Equus Development and Thrive Senior Living purchased the community for $13.2 million. The new owners plan to make physical plant upgrades to the property. The seller was not disclosed.
Savannah Commons was 74 percent occupied at the time of closing. The price translates to $63,271 per unit and a capitalization rate of 6.1 percent.
Bradley Clousing of SLIB handled the transaction.