1031 Crowdfunding LLC announced today that on Jan. 1, 2019, through its affiliate 1031 CF Properties LLC, it acquired a 99-bed assisted living/memory care facility in Bandon, Oregon, for a purchase price of $19,050,000.
The 84-unit, 72,430-square-foot facility will be operated by Seasons Management LLC ("Seasons"). They have operated the facility since 2013 with a 92 percent average occupancy. The principals of Seasons have participated in the financing, development, construction and operation of over 200 properties during their careers in the senior housing industry.
"Senior housing has already outperformed other noted real estate sectors in the past and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals," said Edward Fernandez, founder and chief executive officer of 1031 Crowdfunding. "The acquisition of this facility is a great way to start off the new year."