Senior Living Investment Brokerage recently announced the sale of two senior living facilities in Florida and in Washington state. The Tides, a former luxury hotel located in Florida, was sold as an REO asset for the Private Bank for $4.5 million to a partnership between Senior Management Advisors and ValStone Partners. The partnership intends to convert the hotel into an assisted living facility and plans to spend $1.75 million to convert the property that includes conversion of 50 studios into 25 one-bedroom units (for a total of 100 units), landscaping, and elevator upgrades.
The second sale was for Three Rivers, a facility with 40 one bedroom independent living units, for $1.8 million to American Baptist Homes of the West. The facility is located on a long-term ground lease from Richland Housing Authority who owns the land. The Richland Housing Authority is the in process of dissolving and it is anticipated that they will eventually sign over the rights to the land to the Buyer. Bradley Clousing and George Pappas of Senior Living Investment Brokerage, Inc. handled the Three Rivers transaction and Clousing represented the seller on the Tides transaction.