Senior Living Investment Brokerage, Inc. recently completed the sale of a Seniors Housing Community located in Vancouver as part of a Bankruptcy proceeding in the state of Washington. The facility, constructed in 2006, consists of 115 units (44 Assisted Living Units, 51 Independent Living Units, and 20 Memory Care Units) with high-end finishes and amenities. Since its development in 2006, the facility was never able to sustain the lease-up trend forecast by the owner/operator/developer. While the property languished in the 50.0% occupancy range for most of 2007 and 2008, the receiver appointed management company was able to increase overall occupancy to 70.0% by mid 2009, and by the time of closing, occupancy was hovering around 85%. Senior Living was able to obtain an aggressive sale price for this facility – $16.25 million, or approximately $141,000 per unit. Jeff Binder and Matthew Alley handled this transaction.
“There were many gratifying results to the sales process for this asset, but none more than Senior Living generating a sales price sufficient to replace the entry fees previously lost by many of the residents of the property,” stated Jeff Binder.