Wanting to fund continued investments in the seniors housing space, the owner of a 118-unit seniors housing community in Mankato, Minnesota, sold the property to a private equity group, for an undisclosed price. Jason Punzel, Jake Anderson, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
Built in 2019, The Pillars of Mankato consists of 98 independent living/assisted living units and 20 memory care units, approximately 75 miles southwest of Minneapolis. The IL/AL units were all interchangeable. Occupancy was close to full, and the community was stabilized, but no financial details were disclosed. The out-of-state private equity group partnered with the in-place operator to run the community.
