BARTLETT, Tenn. — Senior Living Investment Brokerage has arranged the sale of Foxbridge Assisted Living, a 120-unit assisted living and memory care community in the Memphis suburb of Bartlett, for $10 million.
The community consists of five neighborhoods containing 24 units each. It was built in 1989 on a 12-acre plot. The sales price equates to $83,333 per unit.
The buyer was a joint venture between a regional operator and a private investment company. The buyers assumed a $7.6 million HUD note as part of the deal. The seller is a nonprofit based in Connecticut looking to divest its only Tennessee community.
Ryan Saul and Patrick Burke led the Senior Living Investment Brokerage team in the deal.