Ziegler, a specialty investment bank, served as exclusive financial advisor to Marquee Capital (formerly, Berengaria Development) on the sale of Terova Senior Living, a 101-unit senior living community in Mequon, Wisconsin. Marquee Capital is the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office. Located in one of the most affluent suburbs in Wisconsin, the community represented the only senior living asset owned by Marquee in the state.
Formerly known as Ovation Sarah Chudnow, Terova was built in 2005 and was one of the three Jewish senior living communities in the area. After acquiring the community in 2020, Marquee Capital spent the next two years renovating and repositioning the asset as a for-profit entity without a religious affiliation, with Health Dimensions Group initially taking over the operations. Renovations included skilled nursing & hospice unit conversion, HVAC, lighting and other technology updates, a new, secure outdoor garden and extensive landscaping. The 19-acre campus, most recently managed by Charter Senior Living, includes independent living, assisted living and memory care suites.
Inspired Healthcare Capital (IHC) purchased the property, and its affiliate manager, Volante Senior Living, took over operations on May 17. This represents the second Wisconsin acquisition for IHC, having acquired Century Oaks of Appleton in June 2022. The deal is also IHC’s fourth in 2023, so far, and 13th since the start of 2022.
Despite tightening capital markets, Nick Glaisner, Managing Director in Ziegler’s Senior Housing & Care Practice, negotiated pricing that represented an approximately 6.43% cap rate based on historical cash flow, as marketed.
