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.

A complete renovation of all 114 units and common areas is expected to be complete in 2024 with rental and service rate adjustments following.

Location: Vinings, GA (Atlanta)

Project Type: Seniors Housing