Senior Living Investment Brokerage today announced it has brokered transactions of two senior housing properties in Oregon for a total of $27.8 million.
The Oregon-based seller divested the assets in an effort to exit the seniors housing sector and use the capital toward other, more passive investments, Senior Living Investment Brokerage reports.
The buyer is an East Coast-based REIT which was able to establish a new operator relationship through the transactions.
The first property consists of assisted living and memory care units and is located in Klamath Falls. Built in 2000, the two-story, 71,000-square-foot property underwent an addition in 2011 and currently has 112 units comprising 64 assisted living and 48 memory care units. The property was purchased for $20.95 million, or $187,000 per unit with occupancy near 95% at the time of sale.
The second transaction, an assisted living property in Clackamas, Oregon, was purchased for $6.8 million, or $128,300 per unit. The two-story community is based 10 miles from Portland, Oregon. It was built in 1999 and includes 41 studio units and 12 one-bedroom units on 2.15 acres.
Jeff Binder, Senior Living Investment Brokerage principal and managing director, handled the transaction
A national operator of senior housing communities will remain in place to manage both facilities under the terms of a third-party management agreement.
Written by Elizabeth Ecker