Evans Senior Investments (ESI), headquartered in Chicago, Ill., recently sold The Residence of Chardon, an assisted living facility, to a regional operator for $4.4 million.
The Chardon, Ohio-based facility has 42 units, which were 100% occupied at the time of the sale. Rents ranged from $3,600 to $4,200 a month.
The buyer utilized funds from a 1031 exchange for the equity and Citizens Bank for the debt.
Although The Residence of Chardon was a stabilized asset, the buyer is looking to save through cutting expenses and reducing labor costs and other economies of sale.
The facility was built in 2000 and is located on 5.67 acres of land. There is room to expand by 35 units, which the owner intends to do, starting next spring.
Written by Alyssa Gerace