COVINGTON, La. — Evans Senior Investments has arranged the $22 million sale of The Trace at Claiborne Hill, a 94-unit independent living, assisted living and memory care community in Covington, approximately 40 miles north of New Orleans.
A private equity company acquired the Class A community from a regional operator. The purchase price equates to $236,170 per unit. KeyBank arranged a $16.7 million Freddie Mac loan to help fund the acquisition.
Built in 2009, The Trace at Claiborne Hill features 70 independent living and assisted living units, plus 24 memory care units added in 2014. At the time of the sale, the facility was 99 percent occupied.
The 84,961 square foot facility sits on 2.7 acres in St. Tammany Parish, where the 65-and-older population is projected to increase 47 percent between 2010 and 2019.
Evans Senior Investments represented the unnamed seller in the transaction. The capitalization rate was 7 percent on the trailing six months NOI of $1.56 million.