As Covid-19 has led to overall decreases in senior housing occupancy levels, Sherer Management joined several of its peers by closing down its multigenerational family business with the sale of its last two CCRCs in Iowa.
These properties include a total of 188 beds at Rose Vista in Woodbine and Longview Home in Missouri Valley. They offer skilled nursing, assisted living and independent living services, in addition to hospice services through Generations Hospice. The Sherer family had owned and operated these businesses for over 60 years.
Kevin Laidlaw and Dominic Porretta of Lument Securities led the transaction and advised Sherer on the sale of their businesses. They ran a targeted marketing process and sold the properties to a regional operator that partnered with a private capital provider. Dorsey & Whitney served as legal counsel to Sherer Management. Terms of the deal were not disclosed.
