Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Maplewood, Minnesota. Built in 2018, Elk Ridge comprises 50 memory care units and 66 beds across 34,491 square feet on 3.16 acres. The community will be rebranded as Boden Senior Living.
The seller was a national developer looking to exit the state, with this being its only remaining seniors asset in Minnesota. The buyer was an in-state owner/operator looking to grow its footprint in Minnesota.
The buyer, Vincent Companies, acquired Elk Ridge for $9.45 million, or $189,000 per unit. Lifespark will operate the community going forward. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson handled the transaction.
