An elongated CHOW approval process did not stop the team of Jeff Binder, Jason Punzel and Jake Anderson of Senior Living Investment Brokerage from closing the sale of an 84-unit independent/assisted living community in the Minneapolis metro area. Built in 1988 in the town of Anoka, Minnesota, the community features 84 units and 104 beds. It was owned by a real estate development company that mainly focuses on the multifamily market and chose to divest in order to concentrate on its core assets. Occupancy was 79%, and a new owner could refurbish the building.
That buyer ended up being a large not-for-profit organization based in Minnesota that does plan to refresh and rebrand the community. The purchase price and the community’s financial performance were not disclosed. Changes to the assisted living licensure structure in Minnesota in July 2021, were significant and led to the elongated CHOW approval process with the state, but the deal closed at the start of July.
