ESI Arranges Sale of an Independent & Assisted Living Facility in Washington for $50.5M
Evans Senior Investments (ESI) successfully represented the sale of Garden Court Retirement Community, a 148 unit independent and assisted the living community in Everett, Washington for $50,500,000 ($341,000 price per unit).
Built in 2002, Garden Court Retirement Community is located 13 miles north of Seattle between the downtown areas of Everett and Lynwood. The facility offers residents all the amenities of a first-class retirement destination such as a theatre room, activity, billiards room, beauty salon, outdoor spaces, and a 24-hour bistro. The units at Garden Court include spacious floorplans, double wall construction, elegant dining, walk-in closets, and full kitchens. At the time of the sale the community was 100% private pay, averaged 95% occupancy, and was cash flowing at 45% EBITDAR margin in the trailing twelve-month period.
ESI represented the seller, an independent owner/operator, in the transaction. Jeremy Stroiman, CEO of ESI, commented “The facility presented an exciting opportunity for a new ownership to acquire a stabilized Class A facility in a strong Seattle submarket. The transaction proved to be a win-win for both the buyer and seller.”
A national private equity firm emerged as the buyer among a competitive bidding process. The buyer will utilize Artēgan as an operator for the facility. Artēgan has an established presence and strong reputation for care in the state of Washington.
About Evans Senior Investments
Evans Senior Investments (ESI) is a real estate brokerage firm with offices in Chicago, IL and Boulder, CO focused on providing solutions that empower business owners in the long-term care asset class. Our services include market analysis and seller representation. With 12+ years in the industry, ESI has valued over $15 billion in assets and sold more than $2 billion of long-term care facilities through our Buyer Preference Program that confidentially matches buyers to acquisition opportunities.
Evans Senior Investments
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