November 15, 2019, Ben Swett, SeniorCare Investor - Christian Living Communities, a Denver-based not-for-profit owner/operator of senior living communities across the country, added a 26th property to its portfolio. Located in Grand Junction, Colorado (just east of the Utah border), the community features 40 assisted living and 26 memory care units.
Assisted living rents range from $4,450 a month for a studio to nearly $6,600 per month for a two-bedroom unit, while monthly memory care rates started at $6,620 and went as high as $7,030. Additional care fees can also add $535 to $1,535 a month to the bill. That’s a pretty high price point for the area.
Confluent Senior Living developed the property in 2017 at a cost around $12.5 million, or $189,400 per unit, and hired Christian Living Communities’ (CLC) for-profit arm, Capella Living Solutions, to operate it under a third-party agreement. So, they are very familiar with the property. The purchase price was not disclosed, but CLC financed the purchase with owner equity and tax-exempt bond financing.