It’s only been two years since Capitol Seniors Housing acquired a 75-unit assisted living/memory care community in Ann Arbor, Michigan, but the time has come to sell. Richard Swartz, Jay Wagner, Sam Dylag and Chris Remeika of Cushman & Wakefield found a buyer in Kayne Anderson Real Estate, with Provision Living staying on as the operator. No purchase price was disclosed.
Originally built in 2000, the community features 63 assisted living and 12 memory care units. When CSH purchased the community from Provision Living in January 2017, they committed to investing in resident care technology, additional common areas and unit renovations. Those projects also eventually included a brand-new exercise room and new amenities, and culminated in a seniors housing industry award in the Renovation or Repositioning Category. Although not affiliated with them, the community also benefits from its proximity to the University of Michigan. When we talk about seniors housing adapting to attract the Baby Boomers, partnerships or activities through local universities may prove to be crucial.
The purchase price was not revealed, but we imagine with all the renovations it is higher than the $18 million, or $240,000 per unit, price paid in 2017. Cushman & Wakefield had also advised Provision Living in that transaction, with CBRE securing a $12.2 million, 10-year floating-rate loan, with 72 months of interest only, through Freddie Mac.
