Charter Senior Living of Vinings

This distressed asset was purchased in Q3-2022, with 114 rentable units including: 90 Assisted Living (AL) and 24 Memory Care (MC).  The seller of the Charter Senior Living of Charlotte asset also owned this perpetually underperforming asset and while the Charlotte asset was under contract, an off-market purchase was agreed to.

At acquisition, the asset was ~ 32% 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 positive the first half of 2024. 

Location: Vinings, GA (Atlanta)

Project Type: Seniors Housing