$18.25 Million Monmouth County Assisted Living Care Facility Sold by IPA
June 15, 2017
OCEAN GROVE, N.J., June 15, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Francis Asbury Manor, a 131-unit, 150-bed assisted-living facility in Ocean Grove, New Jersey. The $18.25 million sales price equates to over $139,000 per unit.
“One unique feature of the sale was that the ground is owned by the Ocean Grove Camp Meeting Association of the Methodist and Episcopal Church, which owns all of the ground in the entire city,” says Mark Myers, IPA executive managing director. “It was therefore necessary to identify a buyer who would find the facility attractive and would also be able to negotiate a new ground lease with the Camp Association. We were able to locate such a buyer from New York City.”
Myers, along with Joshua Jandris, an IPA senior managing director, and Charles Hilding, an IPA associate director, represented the seller, United Methodist Communities and procured the buyer, Sage Healthcare Partners. J.D. Parker, senior vice president and division manager, is Marcus & Millichap’s broker of record for New Jersey.
Built in 1949 on a 1.9-acre lot, Francis Asbury Manor is located at 70 Stockton Ave. on Fletcher Lake in Ocean Grove, and is comprised of 103 assisted living units and 28 memory care units. The facility is within walking distance to downtown Ocean Grove and the boardwalk.