COMMERCE and STONE MOUNTAIN, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities totaling 94 units in North Georgia for $9.8 million.
The two communities are Brookside Commerce, featuring 54 units of assisted living, memory care and independent living, and Brookside Stone Mountain, featuring 40 assisted living and memory care. The properties were built in 1998 and 1995, respectively. The Commerce location totals 36,758 square feet while the Stone Mountain location totals 26,820 square feet.
New York-based private equity firm Cedar Communities bought the assets from a company looking to exit the seniors housing industry. The properties were 93 percent occupied at the time of sale, and the capitalization rate was 8.6 percent.
Bradley Clousing and Dave Balow led the transaction for SLIB.
Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing arranged an undisclosed amount of acquisition financing for the buyer. The non-recourse, floating-rate bridge loan features two years of interest-only payments.