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SOLD: 32 Bed Assisted Living Facility on Maryland’s Eastern Shore

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Located in Upscale 55+ Beach Community of Ocean Pines

December 3, 2019 [Ocean Pines, MD] – Colliers International announces the recent sale of a senior living community investment along Maryland’s Eastern Shore.  The 32 bed assisted living/memory community located in Ocean Pines was transferred for $5,500,000 to a private operator/investor. The property has produced a strong cap rate, which the buyer will continue to improve.

Bob Gaines of Colliers handled the sale on behalf of a well-known local operator. 

This opportunity presented itself during a favorable time for investors and operators, as the seniors housing industry is locally growing at a pace that cannot be served by the current supply of assisted living communities. Memory care, in particular, is in even higher demand. 

The asset is situated on 1 acre in Ocean Pines, MD and consists of two 9,600 square feet buildings, each with 16 private suites. It has been in operation since 2001. 

There is a sister community available of 35 condominium units and a 49 bed- Assisted living licensed business priced at $6,500,000. Both aforementioned properties sit within a 55+ senior living community on 6.3 acres within the greater resort community of Ocean Pines and enjoy access to rich amenities: an 18-hole golf course, two marinas, five swimming pools, a yacht club, country club, tennis club, hiking trails and beach access. 

For More Information Contact:
Bob Gaines
Senior Vice President, Senior Housing
+1 215 928 7538
Bob.Gaines@colliers.com
 

 

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About Colliers International

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 15,400 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Regionally, Colliers International has served clients in the Philadelphia area since 1920 and comprises six offices in Eastern Pennsylvania, Southern New Jersey, and Delaware. For the latest news from Colliers International, visit www.colliers.com/philadelphia, or follow us on Twitter: @ColliersPhilly

 

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Bob Gaines

Senior Vice President | Philadelphia

Philadelphia

As a Seniors Housing real estate advisor, Bob Gaines specializes in the Senior Housing market offering acquisition and disposition services, asset management, and advisory to assisted independent living communities and skilled nursing facilities in the Greater Mid-Atlantic and New England regions.

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