An associate firm is pleased to the opportunity to acquire the fee simple interest (land & building ownership) Assisted Living and Independent Living community located in Bowie, TX. This is an opportunity for investors to acquire a 2 building/facility portfolio with a total of 48 units that has an incredible upside as the one building is only 85% 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 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! Facility #1 is a 28-unit, Assisted Living Facility. The 28 units includes: 2 – two bedrooms, 15 – one-bedroom units, and 11 studio units. The facility is licensed for 36 beds so the opportunity presents even greater upside as the building is only 68% 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 $4,675/month, with level of care services ranging between an additional $500-$1,900. The building is currently 89% occupied based on the unit count. Facility #2 is a 20-Unit Independent Living facility. This campus is caddy-corner to Facility #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. Facility #2 is a carpeted facility, with a dining room, activities room, spacious living room with a fireplace, and a beauty shop. Room & board rental ranges from $1,250 to $2,800/month. Concierge services are available to residents at an additional cost of $500-$1,600/monthly. The building is currently 65% occupied based on unit count.
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