Focus Healthcare Partners, and its joint venture partner Artemis Real Estate Partners, has teamed up with Chelsea Senior Living to pay $7.1 million for an 117-unit assisted living and memory care community in New Jersey. The price, at $60,700 per unit, was quite low, especially for New Jersey, but occupancy was only 64% and the buyer plans to invest significant capital to upgrade the physical plant. Chelsea operates 12 communities in the Garden State, and it knows its way around. The renovations are expected to take 12 months, and we would be surprised if this property didn’t double in value (at least) shortly thereafter. Allen McMurtry of Cassidy Turley (which purchased CLW) represented the seller.
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