Senior Living Investment Brokerage, Inc. announced the completion of the sale of an Independent Living Facility located in Metropolis, Illinois, approximately 150 miles southeast of St. Louis and across the Ohio River from Paducah, Kentucky. The one-story structure, consisting of 47 units, was originally built in 2002 with subsequent additions in 2007 and 2009. The facility sold for $4.225 million, or approximately $89,900 per unit.
Operations have been relatively stable since 2007 as occupancy has remained near 100%. During due diligence, a nine unit addition was negotiated and six of these nine new units were filled at closing. The buyer, a regional operator based in the state, expects to gain some economies of scale benefits as well as improving operations with their added expertise according to Jeff Binder and Patrick Byrne who represented the seller.