Irvine, Calif.-based MBK Senior Living recently acquired the Palisades at Broadmoor Park, a senior housing community in Colorado Springs, Colo., for $30 million from Colorado Springs-based Dunn & Associates.
The 124-unit community offers independent living, assisted living, and memory care. The 4.06 acre campus has five buildings consisting of 51 assisted living units, 23 memory care units, 39 independent living units, eight independent living patio homes, and three independent living cottages.
Built in 2008, the community had a net operating income of $1.4 million last year and sold for a 4.5% cap rate. Evans Senior Investments represented the seller in the transaction.
“This transaction closed at an unprecedented Capitalization Rate of 4.5% due to the quality of the asset and most importantly the aggressive bidding environment we were able to create,” said Jason Stroiman, President of ESI.
“The seller was very concerned about keeping the sale confidential and instructed us to take the opportunity to only eight potential buyers. We carefully selected the most qualified and aggressive buyers for this opportunity from our robust national database,” said Jeremy Stroiman, CEO of ESI.
Written by Alyssa Gerace