A not-for-profit senior living operator based in Minnesota expanded its presence in the state through the acquisition of a seniors housing community in St. Paul that was operating near breakeven at the time of marketing. The Wellington Senior Living, a 120-unit independent living and assisted living community built in 1985, occupies 1.68 acres and encompasses 124,468 square feet. Jason Punzel and Jake Anderson of Senior Living Investment Brokerage handled this transaction.
The seller was StuartCo Property Management, a multifamily owner/developer that opened the community in the 1990s and is now shifting its focus to its market-rate portfolio. According to Finance & Commerce, the purchase price amounted to $9 million, or $75,000 per unit. The organization that purchased the community is an affiliate of Presbyterian Homes & Services, known as Avinity. Avinity plans to convert the building into 100% independent living, reserving up to 20 units for employees. StuartCo, which holds the assisted living license, will continue to provide assisted living services until the transition is completed.
