March 17, 2020
GLEN ELLYN, IL–Senior Living Investment Brokerage (SLIB) facilitated the sale of an assisted living and memory care community located in Gresham, OR. This transaction consists of 135 units / 157 licensed beds of assisted living and memory care. The community was built in 1988 and expanded in 1998. Gresham, a city located in Multnomah County, east of Portland, is the fourth largest city in Oregon and the second largest in the Portland Metropolitan area. The facility is approximately 103,090 square feet and is situated on approximately 4.12 acres of land.
“Powell Valley is a great asset and addition to the Buyer’s Pacific Northwest Portfolio. The Buyer is planning several capital improvements which should help to enhance Powell Valley’s existing excellent reputation,” said Jason Punzel, SLIB Managing Director.
The Seller is a Portland-based owner/operator and this is their only senior living community. They will be exiting the industry post closing. The Buyer is a Regional owner/operator seeking to grow their Pacific Northwest portfolio. The Buyer will be implementing multiple capital improvement projects including a bistro, movie theater and other common area improvements.
SLIB also facilitated the sale of a skilled nursing facility located in Yuma, AZ. This transaction consists of 77 units / 143 licensed beds of skilled nursing. The community was built in 1964 with renovations in 2011 and 2018. Yuma, the county seat of Yuma County, AZ, is situated in the southwest region of the state. Yuma shares borders with Mexico and California Yuma and is approximately 180 miles southwest of Phoenix and 25 miles north of the Arizona Mexico border. The facility is approximately 44,076 square feet and is situated on approximately 2.9 acres of land.
“This was an excellent opportunity for the Buyer to increase their portfolio in Arizona and allows for the seller to realign their portfolio geographically,” said Brad Goodsell, SLIB Senior Associate.
The selling entity is a national REIT looking to divest this asset due to it being a geographic outlier in their portfolio. The buyer is a regional operator with strong presence and track record in Arizona.