物件概要
JLL Seniors Housing Capital Markets (“JLL”) is pleased to offer the opportunity to acquire a 2-story, 80-unit assisted living and memory care community located in Coeur D’Alene, Idaho (the "Property" or "Community"). Built in 2013 with continued additions through 2019, the best-in-class community has benefited from a superior location along Interstate 90, strong amenities, and excellent surrounding demographics of Coeur D’Alene, located just 30 miles east of Spokane, Washington. The Property was producing $1.2M in NOI in late 2022, but due to regulatory constraints the property was forced to freeze all move-ins, causing a drop in financial performance that has since rebounded.
The Community is comprised of six different floor plans, offering 33 assisted living (“AL”) and 47 Memory Care (“MC”) units. The Property features private rooms with in-suite bathrooms, spa-like tub and shower rooms, emergency call systems, and individual thermostat controls. The Community features private dining rooms, lounges, a theater, laundry facilities, and outside patio areas and gardens. Further, the Property’s prime location within the Coeur D’Alene market provides superior proximity to the Coeur D’Alene Airport (3.6 miles), Winton Park (3.1 miles), and Hayden Lake (4.7 miles), covering all of the recreational and daily needs for residents.
特性
メディア
投資のハイライト
Lifted Move-In Ban Allows For Return To Strong Historical Performance – The Property has historically operated efficiently, with occupancy staying consistent in the low 90’s and monthly profit margins as high as 30%. Due to since-resolved regulatory issues, a move-in ban was instituted in November of 2022 and formally lasted until April of 2023. As a result, occupancy dropped from 93.3% to a trough of 68.8% in April 2023. The Property has been quite resilient since the ban was lifted and is currently 90% occupied. While expenses have remained largely flat over the last 18 months, April T-1 revenue is up 27% from the April 2023 T-12 when the ban was lifted. The Community offers investors an exciting opportunity to acquire an asset at a significant discount to replacement costs with continued upside as it regains the operational success it has seen in the past.
Strong Demographic Tailwinds – The Community benefits from strong demographic tailwinds and demand drivers inherent to its location in Coeur D’Alene, ID. As fundamental population dynamics across the country shift due to larger accessibility to remote work, an aging population, and the desire for more affordable living, residents are flocking to cities such as Coeur D’Alene for its beautiful and cost-effective way of living. Median Housing values are an impressive $525,000 within 3 miles of the Property and are expected to grow by 19% over the next 5 years to $625,000. The confluence of these factors has created robust demand from retirees and their adult children for differentiated seniors housing product in Coeur D’Alene.
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