SAVANNAH, GA-A joint venture of Selah SeniorCare LLC and Herbert J. Sims & Co. has acquired the 184,000-sf Savannah Commons, an independent, assisted living and Alzheimer's facility at 1 Peachtree Dr., for $10.5 million. The deal for the 219-unit property factors out to $47,950 per unit.
The seller was Kisco Senior Living. CB Richard Ellis' senior housing services group represented the seller and procured the buyer. Members of the group involved in the sale included CB Richard Ellis first vice president Bruce Gibson and CBRE/Melody vice president Lisa Silvers.
Savannah Commons' independent living facility was constructed in 1987 and the assisted and Alzheimer's component was added in 1998. The property sits on 10 acres and was approximately 65% occupied at the time of the sale. "This transaction served to better align the seller's portfolio while fitting in nicely with the buyer's existing footprint in the Southeast," Gibson says.
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