The recent sale of a Utah-based seniors housing community set a new benchmark in the state as both the greatest sale for a senior living community and highest per-unit price as well.
“Evans Senior Investments showcased the property to a select group of buyers and procured a dozen letters of intent from both private REITs, public REITs, and private equity firms,” the company said in its announcement of the deal Friday.
Legacy Village of Layton, in Layton, Utah, was purchased by an undisclosed buyer — a non-traded REIT — for $68 million at $276,423 per unit. A regional operator will step in to operate and manage the 228,822-square-foot facility.
Evans Senior Investments brokered the deal, and verified this is both the highest senior housing price per-unit sale and total priced senior housing sale in Utah to date.
The marketing process resulted in several offers at this pricing level, with ESI selecting a buyer that would be “a great long term fit for this trophy asset,” says Evans Senior Investments CEO Jeremy Stroiman.
The 246-unit community is comprised of 108 independent living units; 74 assisted living units; 24 memory care units; and 40 skilled nursing and rehab units. Legacy Village of Layton has a combined occupancy of 97%.
The rental senior housing community’s skilled nursing component does not accept Medicaid patients.
The transaction reinforces that the market “is still very strong,” Stroiman says, adding that providers considering selling would benefit most by acting quickly.
“The bubble is not going to burst, but unless you are planning to grow to 1,000 units quickly you better sell and run for the beach,” he says.
Written by Cassandra Dowell