Three-Property Seniors Housing Portfolio Sold by IPA
CHICAGO, Oct. 12, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of the Amerisist Portfolio, a three-property seniors housing portfolio in Virginia.
“The portfolio had been owned by a private owner/operator that had been in the senior living business for over 20 years,” says Mark Myers, executive managing director.
“The facilities were experiencing heavy cash flow at the time of the sale even though they are smaller—41 beds, 27 beds, and 21 beds—than most assisted living buildings in the market,” adds Joshua Jandris, senior managing director.
Myers, Jandris, and Andrew Hilding, associate, represented the seller and procured the buyer, a California-based, publicly traded real estate investment trust.
“We collected offers from well-qualified buyers from across the country,” adds Hilding. “We presented our client with a handful of formal offers, which provided him with various options. The buyer needed to close the transaction in a timely fashion, and we were able to negotiate a deal that closed just over two months after the execution of the letter of intent.”
The three properties are located within 90 miles of one another and have high historical occupancy, strong in-place cash flow and exceptional operating margins.
Bryn Merrey, senior vice president and division manager, is Marcus & Millichap’s broker of record in Virginia.