JLL Capital Markets announced that it has closed the sale of nine senior living properties totaling 558 units of assisted living and memory care. Eight of the properties are in South Carolina with one property located in North Carolina.
JLL arranged the sales on behalf of the seller, a large public REIT.
In the first transaction, eight properties totaling 506 units were sold to a private equity group and will rebranded with a new operator. It is anticipated the new owner will provide extensive capital expenditures for improvements to the communities. The average age of the properties was approximately 21 years
In the second transaction, a vacant, 52-unit assisted living and memory care community was sold to a private equity group. This property has been closed since April due to a fire. It is anticipated that the community will be rebranded upon reopening after repair and remodeling has been completed.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Mike Garbers and Cody Tremper.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.