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.
Since acquisition, a complete renovation of all units and common areas have been started, rental and service rates will be adjusted up to market and monthly cash flows are expected to turn positive in late 2023.
Location: Charlotte, NC
Project Type: Seniors Housing
Marquee Capital - 301 North Broadway, Suite 300, Milwaukee, WI, 53202, United States (414) 585 8870