Assisted Living Facility Sold In Mount Vernon, TX
Closed: July 25th, 2019
SLIB facilitated the value-add sale of an Assisted Living Facility located in Mount Vernon, Texas. Constructed in 1994, The Mount Vernon House sold for $2.8M, or $56,000 per unit. The community offers 50 Assisted Living units and 68 licensed Type A beds. At the commencement of marketing, this community was approximately 58% occupied and generating an NOI of approximately $50,000 annually. It is currently the only licensed Assisted Living Facility in the County.
Mount Vernon is located in Franklin County of northeast Texas, approximately 100 miles east of downtown Dallas. Major roadways providing access to the community include Interstate 35, TX-37 and US-67.
The Buyer is a local Doctor, and the Seller is an independent Owner/Operator looking to exit the seniors housing industry.
According to Matthew Alley, “This transaction allowed for the outgoing operator to retire. This deal showed the benefits of SLIB’s local focus as the purchaser is a local Doctor looking to enter the seniors housing space.”
Matthew Alley of Senior Living Investment Brokerage arranged this value-add transaction, which closed July 25th, 2019.
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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