Transwestern Real Estate Services, through its Midwest Capital Markets team, brokered the sale of Hiawatha Suites, an assisted living and memory care facility in Minneapolis. Featuring 19 assisted living and nine memory care units, the community was built in 2019 with a license for 60 beds. It is licensed for CADI waiver (community access for disability inclusion), Elderly Waiver (Medicaid) and private pay. Occupancy was nearly 100% occupied at the time of the sale, making it an attractive acquisition prospect.
The buyer was not disclosed, but they paid about $200,000 per bed for the community. Transwestern’s Harrison Wagenseil and Erik Coglianese represented the seller, a local developer of multifamily, single-family and assisted living facilities, in the transaction.
