ID#043182   Approximate Beds/Units:  48     Location:  Bowie

Another firm is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) and business ownership in an Assisted Living and Independent Living community located in Bowie, TX. This is an opportunity for investors to acquire a 48-unit community with incredible upside as the building is only 75% occupied. The building has historically operated at 95% + occupancy but due to the Covid-19 pandemic, the building dropped to historical lows in occupancy in 2020 and 2021. With Covid-19 cases dwindling the building is starting to see an uptick in demand and move-ins. Forecasts from the senior housing capital markets signal strong confidence in achieving pre-COVID occupancy levels between the second half of 2022 and the end of 2023. The building is priced at an attractive $64 PSF which is 57% below the current replacement cost value! The investment is comprised of two separate buildings. The management team has been in place since 2013 and they were born and raised in Bowie, TX. This is a hometown, family-oriented environment that the residents and their family members love! Building 1 is a 28-unit, Assisted Living Facility located in Bowie, TX. The 28 units include 2 – two bedrooms, 15 – one bedrooms and 11 studio units. The facility is licensed for 36 beds so the upside is incredible as the building is only 58% occupied based on the total licensed bed count. The facility includes hardwood floors, spacious hallways, multiple living rooms, a therapy/exercise room, a beauty shop, an activity room, a library, and a charming sitting porch. The facility is tucked away in a middle-class, predominately residential area of Bowie close to shopping, medical offices & hospitals. Room and Board rental rates are $2,775 to $3,875/month, with level of care services ranging between an additional $500-$2,000. The building is currently 79% occupied based on the unit count. The 2nd bldg is a 20-unit Independent Living also located in Bowie, TX. This campus is caddy-corner to Bldg 1 making it convenient for management, staff, and visiting families. All 20 units are private studios. The studios have modern safety features in all bathrooms with individually controlled heating and air conditioning and large walk-in closets. This campus is a carpeted facility, with a dining room, activities room, spacious living room with a fireplace, and beauty shop. Room & board rental ranges from $2,325 to $2,775/month. Concierge services are available to residents at an additional cost of $500-$2,000/monthly. The building is currently 70% occupied based on unit count. Investment Highlights Opportunity to acquire the properties at 57% below current replacement cost value. True value add for investors as the buildings combined are only 70% occupied while demand is currently surging due to the dwindling Covid-19 pandemic. Market forecasts predict a lack of affordability in senior housing and repositioning existing communities to serve the middle market is a strong choice for investors. The nearest competitor is a 36-unit facility in Nocona, TX which is located 19.3 miles north of the subject property. Every unit comes with a FULL KITCHEN and residents are prepared three (3) MEALS PER DAY! (Great added amenity for these types of communities). Amenities include an inviting entrance, beautiful landscaping with a sitting porch, a library, traditional furniture in multiple large living rooms, several activity areas, a kitchen and dining room, a therapy/exercise room, and a beauty shop

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BOWIE $3.5M ID#043182 

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