George Pappas Sells ILF/ALF in Montana

George Pappas has sold an assisted living facility and independent living facility that were currently in receivership.  The two facilities are connected.  The assisted living facility is 42 units and was built in 2000.  The independent liing facility is 198 units, built in 1966 and utilized a HUD 202 loan.  The ILF has a Rent Supplement contract with HUD that will expire June 1, 2015.  The property had previously been owned by Sunwest and was sold through the bankruptcy court.  The Buyer is a local real estate investor and this is his first seniors housing investment.  The propery sold for an 18% capitalization rate.  For additional information, please contact George Pappas at 630/858-2501 or pappas@slibinc.com

Senior Living Investment Brokerage, Inc. Sells 60 Unit Nevada ALF

George Pappas, Bradley Clousing and Ryan Saul have sold a 60 unit Assisted Living Facility in Nevada. The property consists of 5 buildings each containing 12 units. Although the facility had enjoyed strong occupancy for 20 years (the property was constructed in 1989), in the past two years the census had fallen to 50% due to new competition and a soft housing market. In addition, the facility had it's share of surey problems in recent years. Prior to close, the survey issues had been cleared and occupancy had been increased to 65%. The Seller was a "hands-off" group of investors. The Buyer is a national owner/operator looking to expand their presence in Nevada. The facility has adequate space to expand and accommodate additional levels of care as well as the opportunity to raise occupancy. For additional information, please contact Ryan Saul, Brad Clousing or George Pappas at 630/858-2501.

George Pappas Sells 4 Facilities in South Dakota

George Pappas has sold a portfolio of four Assisted Living Facilities in South Dakota. Built between 1999 and 2003, the four facilities total 104 units/130 beds. At the time of sale, the overall occupancy was 85%. The Seller is looking to exit the seniors housing market. The Buyer is a regional operator looking for immediate savings with many of the larger cost centers. For additional information, please contact George at 630/858-2501 or pappas@seniorlivingbrokerage.com

Pappas, Clousing and Binder Sell Iowa CCRC

Senior Living Investment Brokerage, Inc. has sold an Iowa CCRC for $11,250,000. The facility consisted of 10 Independent Living units, 41 Assisted Living units, 34 Memory Care units and 54 Skilled Nursing beds. The Seller is one of the larger owner/operators in the country and had purchased this asset as a multi-facility/multi-state transaction. They do not have a strong presence in Iowa. The Buyer is out of California but was originally from Iowa. Originally built in 1968 and renovated/expanded in 1998. Financing was provided by a regional lender. For additional information please contact Jeff Binder, Brad Clousing or George Pappas.

Pappas and Clousing Sell Washington Independent Living Facility

George Pappas and Bradley Clousing sold a 40 unit Independent Living Facility in Washington. Built in 1983, all of the units are one bedroom and are subsidized through HUD with a HAP contract that guaranteed all the rents. The facility is age-restricted to reseidents 55 and older. The Seller was the original developer and is exiting the seniors housing market. The Buyer, a regional non-profit, plans on renovating the building and utilized state and public funding to finance the acquisition and renovation. The facility sold for a 9.25% capitalization rate. For additional information, contact George or Brad at 630/858-2501.