Source: Capital Senior Living / #Senior #Housing
DALLAS, TX - Capital Senior Living Corporation, one of the country’s largest operators of senior living communities, announced that it has completed the acquisition of four senior living communities in two transactions for a combined purchase price of approximately $64.9 million. These communities are in Indiana and South Carolina, enhancing the Company’s existing operations in these states. The communities are comprised of 388 units, consisting of 48 independent living units, 257 assisted living units and 83 memory care units.
The four communities are financed with an aggregate of approximately $49.3 million of 10-year fixed rate debt that is non-recourse to the Company with an interest rate of 5.56%.
The Company is conducting due diligence on additional transactions consisting of high-quality senior living communities in regions with extensive existing operations. Subject to completion of due diligence and customary closing conditions, the Company expects to acquire additional communities in the first quarter of 2014.
“These acquisitions continue the successful execution of our disciplined and strategic acquisition program that increases our ownership of high-quality senior living communities in geographically concentrated regions and generates meaningful increases in CFFO, earnings and real estate value,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “We are very pleased to have completed more than $150 million of acquisitions in 2013. The exceptional returns generated by these acquisitions complement the fundamental strength of our substantially all private-pay business as we benefit from need-driven demand, limited new supply and an improving economy and housing market.”
Capital Senior Living Corporation is one of the nation’s largest operators of residential communities for senior adults. The Company’s operating strategy is to provide value to residents by providing quality senior living services at reasonable prices. The Company’s communities emphasize a continuum of care, which integrates independent living, assisted living, and home care services, to provide residents the opportunity to age in place. The Company operates 112 senior living communities in geographically concentrated regions with an aggregate capacity of approximately 14,600 residents.