Two not-for-profit organizations traded a couple of seniors housing communities in New Ulm, Minnesota (about 90 miles southwest of Minneapolis), with Ray Giannini of Marcus & Millichap handling the transaction. The two properties, Ridgeway on German and Ridgeway on 23rd, feature 116 assisted living and memory care units, which were 75% occupied at closing. They were built between 1998 and 2004 and were well maintained.
The seller, Housing Alternatives Development Corp., sold the communities to Vista Prairie Communities for $8.955 million, or $77,000 per unit. The deal brings Vista Prairie’s holdings to 10 assisted living and memory care communities in Minnesota, Iowa and Ohio that it owns and operates.
