This 42 unit Assisted Living Facility was built in 2000 and sits on 5.67 acres of land in Geauga County. At the time of the sale they were 100% occupied and their rents ranged from $3,600 – $4,200. The buyer was a regional operator that utilized funds from a 1031 exchange for the equity and Citizens Bank for the debt. “Without the assistance of Evans Senior Investments – I could not have completed this unique transaction; Jason Stroiman is a trustworthy, dependable, and intelligent broker that provides unmatched value to his clients.” Anne-Marie Van der Velde, “This is my second transaction that I’ve completed with Evans Senior Investments in 2011.”
Residence of Chardon was a stabilized asset but the buyer believes there are expense savings with reducing labor costs and other economies of scale. In addition, there is extra land to expand the facility by 35 units, the owner intends on breaking ground next spring. Jason Stroiman of Evans Senior Investments handled the transaction.
