A private owner that acquired a portfolio of eight value-add assisted living communities in Wisconsin over the years and turned them around has decided to sell, enlisting the help of Jason Punzel, Ryan Saul and Bradley Clousing of Senior Living Investment Brokerage to do so. An experienced assisted living owner with an existing portfolio in Florida, Tennessee and Minnesota and plans to grow in the Midwest emerged as the buyer.
Totaling 449 units, the portfolio is concentrated around Milwaukee and includes properties built from 1906 to the mid-2000s. Occupancy also ranged widely from 65% to 95%, averaging 84% across the portfolio. Given the vintages, we imagine some work needs to be done on the physical plants, and monthly rents can only go so high.
To fund the purchase, VIUM Capital secured a $47.58 million bridge loan, which also provides for future capex. The purchase price was not disclosed.
