HIGH SPRINGS, Fla. — Evans Senior Investments (ESI) has negotiated the sale of Plantation Oaks of High Springs, a 66-unit assisted living and memory care community in High Springs, approximately 20 miles northwest of Gainesville.
An independent owner-operator sold the community to a regional owner-operator for $9.2 million, or $139,000 per unit. The buyer secured a loan from the in-place lender on the property.
Originally built in 1988 with a 36-unit expansion in 2014, Plantation Oaks of High Springs is licensed for 52 assisted living beds and 20 memory care beds. In addition, the community holds a Florida Medicaid license on these beds.
During the 12 months prior to sale, the community averaged 92 percent bed occupancy boasting a 28 percent net operating income margin.
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