CHICAGO, IL - JLL Capital Markets announced today 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.
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