Sonida Senior Living, Inc. has recently closed two significant senior living asset acquisitions in Atlanta and Tampa submarkets for a combined purchase price of $22 million. In Atlanta, the company acquired a single senior living community for $11 million, or approximately $125,000 per unit, reflecting a substantial discount to replacement cost. The community, located in Alpharetta, has 88 units and was completed in 2017. This acquisition brings Sonida's greater Atlanta portfolio total to four assets.
In the Tampa submarket, Sonida acquired a single senior living community in Tarpon Springs for $11 million, or approximately $172,000 per unit, also reflecting a significant discount to replacement cost. This community, completed in 2017, has 64 memory care units and complements Sonida's recently acquired central Florida assets. This acquisition brings Sonida's Florida portfolio total to eight assets.
Sonida funded the Atlanta acquisition with cash on hand and proceeds from its senior secured revolving credit facility, while the Tampa acquisition was funded with cash on hand and a new $9 million non-recourse mortgage from the asset's existing lender. The company expects a double-digit cap rate upon stabilization for both acquisitions.
These acquisitions are part of Sonida's strategy to further expand, densify, and upgrade its portfolio to fully leverage operating scale and efficiencies. Brandon Ribar, the President and CEO of Sonida, emphasized the company's focus on executing its disciplined growth strategy through thoughtful deal structuring and careful selection of high-quality communities purchased at meaningful discounts to replacement cost.
The company expects to capitalize on compelling and accretive investment opportunities to complement the significant upside potential in its existing portfolio, with no material near-term debt maturities and continued favorable demographic and supply dynamics. As a result of these announcements, the company's shares have moved 3.51% on the market, and are now trading at a price of $25.36. If you want to know more, read the company's complete 8-K report here.