MADISON, Ala. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Heritage Assisted Living and Memory Care, a 46-unit seniors housing community.
Located in Madison, a western suburb of Huntsville, the community is in a growing residential, medical and commercial corridor. The units are split as 30 for assisted living and 16 for memory care on a 4.9-acre site.
The seller was a local ownership group of physicians who had originally developed the asset. The building was not fully stabilized regarding rental rates or expenses, but was near fully occupied at the close of escrow. The buyer, an Alabama-based owner-operator, intends to stabilize the asset and hold it in its portfolio over the long term.
Bradley Clousing and Daniel Geraghty handled the transaction for SLIB. The price was not disclosed.