SAVANNAH and SANDY SPRINGS, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sales of Insignia of Savannah, located in coastal southern Georgia, and Insignia of Sandy Springs, located just north of Atlanta.
The undisclosed seller was looking to remove what SLIB called “operational outliers” from its portfolio. A local owner-operator planning to do renovations acquired the Sandy Springs community for $5 million, while Mainstay Senior Living acquired the Savannah community for $2.1 million.
Insignia of Sandy Springs was built in 1997 and renovated in 2015. The property features 42 assisted living units and 22 memory care units, resulting in a price per unit of $78,125. The 54,204-square-foot property was 55 percent occupied at the time of sale. The community was once an all-Jewish community, but recently transitioned to a resident base of all faiths. The seller worked to re-brand the asset and gave the community a cosmetic update.
Insignia of Savannah was built in 1998. Though the seller commissioned architectural plans for a renovation and expansion project that would add 18 new units, the work had not yet been performed. The property features 32 memory care units, for a price per unit of $64,063. The 19,711-square-foot property was 88 percent occupied at the time of sale.
Bradley Clousing and Patrick Byrne of SLIB handled both transactions.