ESI Arranges Sale of a Seniors Housing Community in Ohio
OCTOBER 2, 2020
Cleveland, Ohio - October 2, 2020 - Evans Senior Investments (ESI) successfully represented the sale of Rockport Senior Living, a 117-unit Assisted Living & Memory Care community in Rocky River, Ohio for $4,800,000 or $41,000 per unit.
Built in 1967, Rockport Senior Living was originally built as a hotel and converted into a senior living facility in 1986. Located less than 10 miles from downtown Cleveland, the facility has a unit mix of 108 assisted living units and 9 memory care units.
Rockport Senior Living was 70%+ Private Pay and 90% occupied at the time of market exposure. When brought to market, the community was running at a 18% EBITDAR margin. Due to the COVID-19 pandemic, the facility shut its doors to new admissions in March which subsequently brought occupancy down to 72% at the time of sale.
ESI represented the seller, a local independent owner, in the transaction. Jason Stroiman, President of ESI, commented “Rockport Senior Living presented the buyer and operator an exciting opportunity to grow their presence in Ohio and leverage their expertise to bring even stronger returns to the community.”
The buyer will bring in Embassy Healthcare, a regional operator to manage the facility.
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