South Carolina CCRC Sold

Evans Senior Investments (ESI) is pleased to announce today the sale of Springfield Place and J.F. Hawkins, a CCRC located in Newberry, South Carolina.

The facilities were owned by Newberry County and located just blocks from each other. J.F. Hawkins is a Skilled Nursing Facility containing 52 Units and 98 Beds, while Springfield Place is a Senior Housing Community containing Independent Living, Assisted Living, Skilled Nursing and Alzheimer’s care.

“The county was extremely apprehensive about the sale, and was concerned about finding the ‘right buyer’ to take over the facilities. While maximizing the price is always our first priority, it was equally important to find a buyer that would be a good fit for the local community,” said Jason Stroiman, President of Evans Senior Investments.

Evans Senior Investments was able to bring Class-A buyers to the table who were capable of handling the transaction confidentially. The financial history of these facilities made it very difficult to finance in today’s capital markets, so it was necessary to find buyers that had the financial wherewithal to fund a turnaround transaction. The facility sold at $11,300,000 or $51,131 per unit at an 8.2% Capitalization Rate.