Seniors Housing Transaction Announcement: 127-Unit Assisted Living and Memory Care Portfolio—Calhoun and Cartersville, Georgia
Senior Living Investment Brokerage (SLIB), a leader in the seniors housing transaction market, facilitated the sale of The Fountains in Cartersville and Calhoun—located in Cartersville and Calhoun, Georgia, respectively. The portfolio consists of assisted living and memory care, and contains 127 units and 175 beds.
The Fountains in Cartersville has experienced strong performance since leasing up in late 2018/2019. While there was a slight decline in census during 2020 due to COVID, the asset has now maintained between 95% and 100% occupancy throughout the last quarter, often with a waiting list. The Fountains in Calhoun received its certificate of occupancy in March of 2021 and the license was approved on May 27th. At closing, the asset was close to stabilization.
According to Bradley Clousing, managing director of SLIB, “The strong momentum of early lease–ups in a post-COVID environment testament to the quality of the asset and reputation in the local markets.”
The seller is a private owner/operator/developer exiting the business; the buyer is a partnership between a private real estate investment trust (REIT) and a regional operator. SLIB was able to leverage the nationwide marketing platform to create a national, yet confidential, market for this offering.