Four assisted living communities under the Hampton Manor brand and operated by Concordis Senior Living were recently sold for $14.1 million to Aviv REIT, announced Senior Living Investment Brokerage.
The communities are Hampton Manor West, Hampton Manor Gardens, Hampton Manor North, and Hampton Manor Ormond Beach, sold for what equates to a price per unit of $85,455. They were built between 1984 and 1996 and had an average occupancy rate of 89% at time of sale.
Three of the four properties are located in Marion County, Fla., and are complementary from an operational standpoint. The fourth asset, Hampton Manor Ormond Beach, is located in Ormond Beach, Fla.
While Hampton Manor West and Hampton Manor Gardens both have a stabilized historical performance, Hampton Manor North has been undergoing a “transitional period” after a significant renovation in 2011. The properties’ seller purchased Hampton Manor Ormond Beach in 2010 and has been in the process of stabilizing the asset ever since.
Aviv REIT entered a long-term lease with Saber Healthcare. Bradley Clousing of Senior Living Investment Brokerage handled the transaction.
Written by Alyssa Gerace