Seniors Housing Portfolio Sold
167 AL/MC Units
El Paso, TX
Closed: February 2nd, 2021
SLIB Managing Director Matt Alley arranged the sale at an undisclosed price of the SunRidge Portfolio, a 3-community seniors housing portfolio located in El Paso, Texas. Featuring 167 total units, the three communities offer both Assisted Living and Memory Care services. The communities were built in 1995, 1998 and 2000 and maintained 89%, 87% and 90% occupancy, respectively, at an early point of the onset of COVID-19.
“This transaction allowed for the owner to exit a non-core market. The deal faced several delays due to concerns with COVID-19, but the Buyer closed at the original offer price.”-Matthew Alley, Managing Director
SunRidge of Cambria, Cielo Vista and Desert Springs are all three located in the city of El Paso in El Paso County, Texas along the westernmost tip of the state. Major roadways providing access to the area include I-10, US Highway 62 and US Highway 54.
The Seller is a debt and equity capital provider looking to divest of a non-core market, while the Buyer is a local owner/operator familiar with the El Paso market. The facilities were hit with COVID outbreaks during the beginning of negotiations of the transaction and census stabilized. The Seller closed down one of the three facilities while the transaction was being completed, and that facility will be re-opened with an alternative use.
Matthew Alley and Ryan Saul, Managing Directors of Senior Living Investment Brokerage, represented the Seller and secured a Buyer for the portfolio. The transaction closed Tuesday, February 2nd, 2021.
For more information on the above transaction, or to inquire about the value of your Senior Living Communities, please contact Matthew Alley.
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