Capital Real Estate Group’s U.S. Healthcare Investment Sales practice announced the sale of a two-property senior housing portfolio consisting of 139 total units in central Michigan. Both communities were built in 2016, and the portfolio’s apartment mix consists of 88 assisted living, 33 independent living and 18 memory care units. The two communities are located adjacent to one another and sit on a total of 13.5 acres.
In the last few years, the communities have held a steady occupancy rate of over 80%, making them an attractive opportunity to the ultimate buyer, a publicly-traded REIT for a purchase price of $32.5 million, or $233,800 per unit. Andrew Larwood and Allen Inman of Capital Real Estate Group’s U.S. Healthcare Investment Sales practice handled this transaction. Started in 2018, the practice handles both MOB and seniors housing transactions.
