Not-for-profit organizations have generally been net-sellers in recent years, struggling with expenses in a post-pandemic and post-inflation environment, but one organization is adding a new CCRC to its portfolio. Saint Therese is a Minneapolis, Minnesota-based, Catholic not-for-profit that has over 50 years of experience and five other communities in Minnesota (4) and Michigan.
Its latest addition was St. Mary of the Woods, a 179-bed/unit CCRC in Avon, Ohio. The campus was originally acquired out of bankruptcy in 2012 from Atrium Centers, a 100% employee-owned provider of senior care services with over 2,000 beds in Ohio, Michigan, Kentucky and Wisconsin. Atrium completed several significant property enhancements over the years, including expanding its skilled nursing services. Across its 23-acre campus, the community now includes 81 independent living units, 49 assisted living units and 50 skilled nursing beds, with six acres zoned for potential future expansion. Ziegler handled the transaction.
