Charter Senior Living of Charlotte

This distressed asset was purchased in Q2-2022, with 87 rentable units including: 69 Assisted Living (AL) and 18 Memory Care (MC).  In Q3-2021 the state of North Carolina issued a moratorium on admissions to the community due to dozens of deficiencies identified by the state regulatory body. At that juncture, the owner brought in a new management company to remedy the deficiencies. The new management company brought the deal to Marquee Capital off-market.

At acquisition, the asset was ~35% occupied with REVPOR well below market rates resulting in significant negative cash flows.

A complete renovation of all units and common areas is expected to be complete in early 2024, rental and service rates have been brought up to market and lease up will continue into 2025.  

Location: Charlotte, NC

Project Type: Seniors Housing