Senior Living Investment Brokerage Announces Sales Of Two Midwest Senior Housing Facilities

Harbor HouseSenior Living Investment Brokerage (SLIB) announced two sales of senior living facilities in the Midwest that show senior housing inventory is moving even in the tough economic environment. Harbor House Assisted Living, constructed in 1995, was sold for $2,850,000 to a local assisted/dementia operator that hopes to capitalize on local management and efficiencies. The property consists of three identical one-story cottages with partial basements where each building contains 12 units/16 licensed beds plus a kitchen, dining room and common areas on the first floor, and a partial basement with laundry, storage and mechanical systems. There are a total of 24 private rooms and 12 semi-private rooms with an average rent of $4,500.  The buyer had been previously operating the facility under lease arrangement and assumed the balance of the mortgage as part of the transaction.

“Harbor House is the typical transaction we have been experiencing over the last twelve months.  Smaller operators are looking for local opportunities where they can contribute to the success with hands on management.  Assumable HUD financing is also very attractive in the current environment.” said Ryan Saul, Managing Director of SLIB.

Blue SpringsAdditionally, SLIB facilitated the sale of a one-story, 120 bed, Skilled Nursing Facility that was built in 1979 and encompasses approximately 39,000 square feet and sits on 2.915 acres.  The facility is located on the eastern edge of the Kansas City MSA and is within two miles of the primary medical center for the region. The facility sold for $4.3 million, or approximately $33,800 per bed and had an occupancy rate of nearly 70% at the time of sale.