After being placed into receivership when its not-for-profit owner failed to make its bond payments, a senior living campus in Racine, Wisconsin just sold to a regional owner/operator with the help of Jason Punzel and Ryan Saul of Senior Living Investment Brokerage. Featuring 74 units of independent living (with limited services) and 40 units of assisted living, the community was built in 1989 near the shore of Lake Michigan.

Amid the financial difficulties, occupancy fell to 77% for the IL and just 28% for the AL. After SLIB was hired to solicit offers and led the court-approved sale, a Milwaukee-based operator emerged as the buyer, paying $5.5 million, or $48,250 per unit, at an 8.0% cap rate. They plan to invest in significant capital improvements to the community and received a $250,000 credit at closing towards deferred maintenance.