Emerald Square Assisted Living was purchased for $3 million by an unnamed private equity fund based out of Dallas, TX, last week.
Based in Oklahoma City, OK, the property is a 73-unit assisted living facility that was previously owned by Sunwest Management, an Oregon based operator that filed for bankruptcy protection in 2009.
“We are pleased to have been able to participate in the sale of another Sunwest-related community,” said Jacob Gehl, of Marcus & Millichap. “The Sunwest story has created some unique opportunities for buyers to acquire distressed senior housing communities at prices far below their replacement costs. We feel fortunate to be able to have played such an active role in the restructuring of so many of these transactions.”
Gehl and Ben Firestone represented the buyer of the transaction, who is relatively new to the industry said the company.
The Emerald Square property sits on 14.5 acres and was 70% occupied at the time of sale.
Written by John Yedinak