LAWRENCEVILLE, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Ashton Senior Living, a seniors housing community in the Atlanta suburb of Lawrenceville, for $15.8 million.
The community features 61 independent living units, 32 assisted living units and 32 memory care units in two separate buildings. Between 2012 and 2013 the assisted living building underwent a $1 million renovation that included a new roof, entertainment room, gutters, updated landscaping, lighting and new windows.
The seller, which was also the original developer of the property, is an individual owner looking to redeploy assets to new development opportunities in North Georgia. The buyer is Florida-based regional owner-operator Mainstay Senior Living.
The seller provided a $2 million note for capital expenditures at the campus. The price equates to $126,000 per unit and a capitalization rate of 8.6 percent. The community was 91 percent occupied at the time of sale.
Bradley Clousing handled the transaction for SLIB.