BROWNSBURG and PLAINFIELD, Ind. — Sonida Senior Living Inc. (NYSE: SNDA) has agreed to acquire two recently renovated seniors housing communities in metro Indianapolis for $12.3 million.
Formerly known as Capital Senior Living, the Dallas-based owner-operator rebranded as Sonida in November and began trading under its new stock symbol.
The communities, Northfield Senior Living in Brownsburg and Southfield Senior Living in Plainfield, total 157 independent living units and are located approximately 20 minutes outside of downtown Indianapolis.
Sonida expects the acquisition to close in the first quarter of 2022. The seller was not disclosed.
“This transaction represents the company’s approach to pursuing accretive, tuck-in growth in markets where we have operational expertise and can leverage deep market knowledge and scale,” says Kimberly Lody, president and CEO of Sonida. “The signing of this acquisition marks the Company’s shift into the growth phase of our strategic plan following the recently closed $154.8 million capital raise and strategic investment from Conversant Capital.”
The properties recently underwent a significant refurbishment, and the purchase price, equating to approximately $79,000 per unit, represents a significant discount to replacement cost, according to Sonida. Demographics in the surrounding market area include a growing 75-plus population with above-average middle-income characteristics and unmet demand for this type of low-acuity senior living product, the company adds.