BLUFFTON, Ind. — As part of a Chapter 11 planned bankruptcy sale, Senior Living Investment Brokerage has sold River Terrace Estates, a continuing care retirement community in Bluffton, Ind. The purchase price for the real estate was $6 million, but as part of the bankruptcy, the buyer also assumed about $2 million of refundable deposit liability and took over AP/AR. The all-in purchase price is approximately $8 million, which computes to a realized 7 percent cap rate.
River Terrace Estates consists of 52 independent living units, 41 assisted living units, 14 memory care units and 30 skilled nursing beds. The community is three stories, 138,920 square feet and is situated on 37.85 acres of land.
The seller is a not-for-profit based in Tennessee that was hindered with significant bond debt. The buyer is a regional owner/operator with other communities in Indiana.