Senior Living Investment Brokerage was brought on by a large, national not-for-profit in its divestment of a seniors housing community in Coon Rapids, Minnesota. The seller was looking to consolidate its portfolio to focus on core communities. The buyer was a joint venture between an in-state owner and an in-state operator trying to grow its footprint in Minnesota.
Built in 1999, The Homestead at Coon Rapids has 53 assisted living and memory care units, with occupancy at 69%. The community sits on three acres and comprises 31,195 square feet. The purchase price and financials were not disclosed. Jason Punzel, Brad Clousing and Jake Anderson of SLIB handled the transaction.
