Ziegler was enlisted by Benevolent Corporation Cedar Community, a Wisconsin-based, not-for-profit organization, in its divestment of Cedar Community Elkhart Lake. Cedar Community is a 67-unit independent living and assisted living center in Elkhart Lake, Wisconsin. It was developed by Benevolent in 2008 on 13.3 acres.
Matter Development purchased the property, and its operating affiliate, Koru Health, will operate the community. Together, Matter and Koru operate 12 senior living communities in Wisconsin and Minnesota. This acquisition enabled the company to expand its footprint into Sheboygan County, with plans to continue expansion in the surrounding area.
Nick Glaisner, Jake Sexton and Melanie Shaffer of Ziegler conducted a focused marketing process and negotiated pricing that represented a 7% cap rate based on historical cash flow (as marketed).
