CHARLESTON, S.C. — JLL Capital Markets has arranged the sale of nine senior living properties totaling 558 units of assisted living and memory care. Eight of the properties are in South Carolina with one property located in North Carolina.
JLL arranged the sales on behalf of the seller, a large, publicly traded REIT.
In the first transaction, eight properties totaling 506 units were sold to a private equity group and will rebranded with a new operator. The new owner plans to provide extensive capital expenditures for improvements to the communities. The average age of the properties was approximately 21 years.
In the second transaction, a vacant, 52-unit assisted living and memory care community was sold to another private equity group. This property has been closed since April due to a fire. The new owner plans to repair, remodel and rebrand the community.
Mike Garbers and Cody Tremper led the JLL Capital Markets Investment Sales Advisory team representing the seller.
The post JLL Negotiates Sale of 558-Unit Portfolio in the Carolinas appeared first on Seniors Housing Business.