100+ Unit Senior Living Facility

Description

UNITS: 100+ | YEAR BUILT: 1980-90s

Marcus and Millichap is pleased to present a 100+ Unit Senior Independent Living Community. Residents enjoy resort-style living in Louisville’s premier neighborhood. The community offers a spectrum of amenities including meal service, planned events and activities, transportation to appointments and shopping, weekly housekeeping and linen services, beautiful outdoor scenery including a walking path and a gazebo overlooking the pond.

VALUE-ADD OPPORTUNITY

This Senior Independent Living has an above average operating expense load at 21,813/unit. Variable expenses across the property exceed the market providing an opportunity to improve operating margins and increase value. Furthermore, the competitive set boasts rents $900 more than it’s average effective rent. This provides an opportunity for a renovation program with A Class amenities to drive current rents and draft from the competition.

35 YEAR OWNER | ORIGINAL DEVELOPER

A rare opportunity to acquire a property from the original developer. This tight-knit community has employees averaging a 12-year tenure who take pride in their work. With resident tenure just under 5-years on average, this community offers strong retention with seniors who love to call it home.

DEVELOPMENT OPPORTUNITY

This Senior Independent Living is on a large enough site, which provides ample room for development of assisted living and/or memory care units to become a fully integrated CCRC facility. Development pipeline for AL facilities include two projects underway within a 10-mile radius of this Senior Independent Living Community for a total of 314 ALF units.

Listing Details