Allina Health exited the seniors housing market with the sale of its 45-unit independent living community in Cambridge, Minnesota, working with Brian Bruggeman and Louis Suarez of Colliers International to get the deal done. Built in 1988, the two-story community features both one-bedroom and two-bedroom unit options on its 4.35-acre campus adjacent to Cambridge Medical Center. There is a dining room, full kitchen, laundry room, beauty salon, lounge with fireplace, a library and an outdoor, three-season porch. Historically, occupancy was between 90% and 95%, which stayed consistent through 2020.
Not-for-profit Presbyterian Homes & Services (PHS) acquired the property through its affiliate Avinity, which assumed all current tenant leases for 30 days after closing, during which time it will issue new month-to-month leases at the current rate. Allina Health and PHS have worked together before, co-owning Interlude Restorative Suites, a transitional care facility in Plymouth, Minnesota.
The asking price was $3.875 million, and the deal closed at $3.8 million, or $84,400 per unit, with PHS financing the deal through a local lender.
