The Knapp-Stahler Group of Marcus & Millichap ended the month of August with a couple of transactions. First, the team brokered the sale of a 52-unit assisted living community located in Allegan County, Michigan. Built in 2017, the property was around 80% occupied and operated at a 22% margin on $2.54 million of revenues. A regional owner/operator sold the community to another regional investor for $9.2 million, or $176,900 per unit, at a 6.1% cap rate.
The team also sold two assisted living communities totaling 74 units in Saginaw County, Michigan. The first community was built in 1970 and was converted from a school to an assisted living community in 2008 with additions put on in 2016. The other community was built in 2017. Combined, they featured a high Medicaid waiver census and operated at a 6% margin on $3.575 million of revenues. A small investor sold the properties to a regional not-for-profit for $8.2 million, $110,800 per unit.
