Mark Van Den Broeke of Senior Care Realty led the sale of an assisted living community in the Milwaukee area of Wisconsin with an unconventional history. That is because it was a former convent, but the 60-year old community has been operating as a 24-unit/27-bed assisted living community in South Milwaukee for many years. Built in 1960, it has recently been renovated, and occupancy was hovering around 100%. Operations were also solid, and the community made a profit on mostly government funding.
The deal was actually fully negotiated and closed pre-COVID but just now has risen to the surface. The community sold for $1.305 million, or $54,400 per unit, at a 10.5% cap rate.