Recently Completed Assisted Living Facility for Auction

Tranzon Integrated Property Group (“Tranzon”) has announced that it has been engaged to conduct an auction of the property known as the Adel R. Coccomo Residential Center in Middlesex County, Connecticut. The property is currently operating and was completed in early 2008 at a cost of $14,500,000. Tranzon has been authorized to sell the center at a reserve price of $3,500,000.

“This property is a tremendous opportunity for an Assisted Living Facility operator or real estate investor to acquire an underperforming but premium asset at a distressed price,” said Joshua Olshin, President of Tranzon. “The potential upside here for someone to properly market and turn-around this asset will make this auction very exciting. There are a lot of people out there with cash or captive financing available just waiting for opportunities like this to hit the market.”

Oren Klein, Vice President and Auctioneer at Tranzon, analyzes the situation: “Seniors make up 13.4% of the Connecticut population which is well above the national average. More significantly, competing facilities in the area offer residents less competitive packages and are still operating at close to 100% occupancy.” Experienced operators out there agree that a properly implemented and financed marketing campaign can fill up a center like this in a very short time period. Klein adds, “After incurring significant construction costs, the Owner has unfortunately been unable to devote the appropriate resources towards attracting tenants in the way that a new and better capitalized owner would be able to.”

Tranzon and its affiliates have had extensive experience auctioning distressed senior housing projects through the country. This auction group was responsible for the successful bankruptcy auction sale of 9 assisted living and skilled nursing facilities owned by Continuum Care Corporation.

The auction will be held on Wednesday, August 5th at 3PM. Confidential information can be obtained at a dedicated website set up by the firm at www.alfauction.com, at Tranzon’s website at www.tranzon.com, or by calling 888.243.3431.

About Tranzon Integrated Property Group

Tranzon Integrated Property Group, a member Company of Tranzon, L.L.C., is based in the New York metropolitan area and is a full-service auction and real estate disposition company. With over 33 offices from coast to coast, the member companies of Tranzon auctioned more than 1,000 properties last year and over the past five years, have conducted auctions in 45 states and the District of Columbia. The professionals working at Tranzon member companies specialize in providing real estate, business asset and liquidation auction and accelerated marketing services to corporations, financial institutions, trustees, individuals and estates throughout the U.S.

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