Cedar Communities at Brookside include 82 assisted living units and 12 independent living units in Commerce, Georgia and Stone Mountain, Georgia. The Cedar management team has been working on-site with staff at the facilities and continues to be involved daily, to implement their model to build upon these great assets while adding tremendous value to the investment.
Brookside Commerce is a 54-unit community constructed in 1998 and renovated in 2016. It’s well located near the foothills of the North Georgia Mountains, with easy access to an interstate highway and close to Northridge Medical Center. The community is conveniently located near the historic downtown area which features shopping and restaurants. The city is situated in Jackson County, which has a low cost of living, exceptional schools and a desirable location. In 2016, approximately $100,000 was spent updating flooring, paint, common area furniture, and kitchen face-lift. The property is well maintained and has a strong reputation in the local market, and the Seller is looking to exit the seniors housing industry.
Brookside Stone Mountain is a 40-unit community constructed in 1995 and renovated in 2016. It’s located on the west side of Georgia’s Stone Mountain Park, approximately 16 miles from downtown Atlanta. The area offers an attractive suburban way of life while close to major city amenities. The retail sector in the county is anchored by three major shopping malls, while other major industries are attracted to the area because of its easy access to downtown Atlanta and the Hartsfield-Jackson Atlanta International Airport. Medical service is provided to the area by Emory Hillandale Hospital, which is easily accessible and offers state-of the-art equipment. In 2016, over $200,000 was spent at Stone Mountain updating paint, flooring, furniture, deck, pendant and camera systems. The property is well maintained and has a strong reputation in the local market, and the Seller is looking to exit the seniors housing industry.
Both facilities are under common ownership who is unfamiliar with managing an assisted living facility. There are opportunities to pare down the payroll, increase the bed count to create more companion suites and realign rents to market rate.