ESI Arranges Sale of Senior Living Community in Florida for $9.15M
JANUARY 31, 2021
High Springs, Florida - January 31, 2021 - Evans Senior Investments (ESI) successfully represented the sale of Plantation Oaks of High Springs, a 66-unit assisted living and memory care community for $9,150,000 ($139,000 per unit).
Originally built in 1988 with a 36-unit expansion in 2014, Plantation Oaks of High Springs is located 20 miles Northwest of Gainesville, Florida. The community is licensed for 52 assisted living beds and 20 memory care beds. In addition, the community holds a Florida Medicaid license on these beds. At the time of sale, the community’s census was 71% Private Pay residents.
During the twelve months prior to sale, the community averaged 92% bed occupancy boasting a 28% net operating income margin. The buyer, a regional owner and operator, secured a loan from the in-place lender on the property.
ESI represented the seller, an independent owner/operator, in the transaction. Jason Stroiman, President and Founder of ESI, commented “Plantation Oaks of High Springs presented a strategic opportunity for a regional owner/operator to expand their presence in Florida and to apply additional synergies as this community is folded into their portfolio”.
Despite the recent COVID-19 pandemic, the acquisition market appears to continue to be very strong with regional operators actively pursuing all deal flow. Plantation Oaks of High Springs represents the 15th community closed by ESI since the onset of the COVID-19 crisis.