The Knapp-Stahler Group at Marcus & Millichap has closed the sale of a portfolio comprising four assisted living communities within Iowa and Illinois. The purchase price for the 160-unit portfolio was $23.8 million, or $148,750 per unit, with a 7.2% cap rate. Built between 2013 and 2017, the four identical 40-unit communities were performing well at the time of the sale, with average occupancy at 91%. They also earned more than $1.7 million in NOI. Three of the buildings are located in Iowa and operate with 30 assisted living and 10 memory care units, while the western Illinois property has 24 assisted living and 16 memory care units.
Justin Knapp and Andrew VanZee of The Knapp-Stahler Group represented the seller, GCI Development. GCI is an affiliate of Goldberg Companies, a vertically integrated national developer, general contractor and property manager of residential and commercial real estate. The buyer in this deal was not disclosed and the target locations have not been confirmed.
