ARA recently completed the sale of Sierra Springs, a 32-unit assisted living property located in Hartselle, Alabama for $1.8 million. The property, which was built in 2000, was at 87% occupancy at the time of closing and included five-acres of undeveloped land adjacent to the property. The sale was arranged by ARA Seniors Dallas-based Ryan Maconachy and Scott Corbin who exclusively represented the seller, LSJ Investments, LLC. The property was purchased by Huntsville, Alabama based Cottage Senior Living, Inc. and is its 10th community.
“This transaction was a strategic disposition on the part of the seller as it allowed them to sell their only existing seniors property in their portfolio for a desired price,” says Ryan Maconachy who represented the seller. “In addition, the design of the facility matched the buyer’s existing portfolio of seniors properties. “