Kaukauna closing

Ray Giannini of Marcus & Millichap went to Kaukauna, Wisconsin to close his latest transaction, when a private individual sold their 46-unit assisted living community to a confidential buyer for $8.5 million, or 184,783 per unit. The community features two buildings that were built in 2009 and 2012, respectively, on nearly four acres near a retail shopping area. With 95% occupancy, about 70% of the census was private pay, and the remaining 30% was Family Care, which is a Medicaid managed long-term care program in Wisconsin. Rates were solid too, with an average of $4,420 per month for private pay and $3,451 per month for Family Care. As a result, the community operated at about a 40% margin on annualized 2015 revenues of approximately $2.7 million. Well done, Ray.