Senior Living Portfolio | SE of Tulsa
2 Health Care Properties | Online Auction Sale | Multiple Locations
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
- Property Type
-
Health Care
Listing Contacts
Lucas Doll
Verified Profile
Dan Geraghty
Verified Profile
Jeff Binder
Verified Profile
Brad Clousing
Verified Profile
Keisha Hartshorn
Verified Profile
- Property Info
Property Overview
Senior Living Investment Brokerage is pleased to present the Oklahoma Seniors Housing Package featuring two high-quality communities located in the metro area of Tulsa, Oklahoma. The combined properties consist of 75 units and offer assisted-living and memory care services. Heritage Grove at Tahlequah, located in Tahlequah, Oklahoma, features 39 assisted-living units and is 87% leased with strong existing cash flow. Azalea Gardens, located in Muskogee, Oklahoma, consists of 36 memory units and is 67% leased with excellent leasing momentum. Both communities have been institutionally owned and maintained, having received significant capital investment since 2021.
This is an opportunity to acquire two recently updated assets with compelling upside opportunities. Each community holds a strong competitive position in its respective market, with no direct competition or new supply planned. By 2029, the age and income-qualified population within 10 miles of Azalea Gardens and Heritage Grove is expected to increase by just over 32% and 28%, respectively. The attractive demographic base, strong competitive position within the local market, and positive improvement in performance in the YTD period provide a solid foundation for a new owner looking to expand their presence in Oklahoma.
Furthermore, additional value-add opportunities exist via property and tenant base expansion. There is excess land available for expansion on each of the existing campuses (approximately 2 acres at Azalea Gardens and 2.5 acres at Heritage Grove. While the tenant base is primarily private-pay, the opportunity exists to expand the Medicaid payor base at the properties to push further absorption. The Heritage Grove community was approved for up to 12 Oklahoma Advantage Medicaid units in July 2024, representing an additional occupancy upside opportunity.
The current operator has improved the overall performance at both communities and will consider staying on with the right partner.
Please review the enclosed offering memorandum for further property and financial details and contact the Senior Living Investment Brokerage team for additional information.
This is an opportunity to acquire two recently updated assets with compelling upside opportunities. Each community holds a strong competitive position in its respective market, with no direct competition or new supply planned. By 2029, the age and income-qualified population within 10 miles of Azalea Gardens and Heritage Grove is expected to increase by just over 32% and 28%, respectively. The attractive demographic base, strong competitive position within the local market, and positive improvement in performance in the YTD period provide a solid foundation for a new owner looking to expand their presence in Oklahoma.
Furthermore, additional value-add opportunities exist via property and tenant base expansion. There is excess land available for expansion on each of the existing campuses (approximately 2 acres at Azalea Gardens and 2.5 acres at Heritage Grove. While the tenant base is primarily private-pay, the opportunity exists to expand the Medicaid payor base at the properties to push further absorption. The Heritage Grove community was approved for up to 12 Oklahoma Advantage Medicaid units in July 2024, representing an additional occupancy upside opportunity.
The current operator has improved the overall performance at both communities and will consider staying on with the right partner.
Please review the enclosed offering memorandum for further property and financial details and contact the Senior Living Investment Brokerage team for additional information.
Highlights
- Two institutionally owned and maintained communities featuring 75 units of assisted living and memory care in the greater Tulsa MSA.
- Assets are 77% leased with outstanding absorption trends in recent months.
- Notably, both assets hold strong positions with no direct competition and no anticipated new supply in their submarkets.
- New owners will benefit from a compelling acquisition basis and clear upside potential via attractive demographic trends and expanded licensure.
- Tenants must not be disturbed. Contact the brokers to schedule a tour. Unauthorized communication or onsite visits are considered a breach of the NDA.
Nearby Properties
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