Two separate teams from Marcus & Millichap announced transactions so far this month. First, the Knapp Group Seniors Housing Advisors, led by Jim and Justin Knapp, sold an 88-bed skilled nursing facility in the Detroit, Michigan area for approximately $7.0 million, or $80,000 per bed. Built in 1998, it was experiencing declining occupancy under its not-for-profit ownership. However, a local buyer with a history of turning underperforming SNFs into five-star facilities saw an opportunity and pounced.
Then, Tony Cassie and Sam Thompson facilitated the sale of a 238-unit senior living community in Westminster, Colorado (Denver MSA). Its previous owner built the community in stages from 1987 to 1999 and maintained a 90% occupancy rate with independent living, assisted living and memory care services. A Chicago-based private equity firm paid $32.39 million, or $136,000 per unit, for the community and plans to significantly renovate it.
