Focus Healthcare Partners acquired a seniors housing community that comprises 288 units in Maple Grove, Minnesota. Located 12 miles northwest of downtown Minneapolis, the community, SilverCreek on Main, was built in three phases between 2015 and 2024 by Ryan Companies.
The original independent living, assisted living and memory care community features a single four-story building with 195 units (106 IL, 49 AL and 40 MC). A 75-unit independent living expansion was built in 2020, and an 18-cottage addition opened in 2024. The property was 93% occupied at the time of sale. SilverCrest Properties will operate the community, establishing a new partnership between the buyer and the operator.
Previously, in 2019, Artemis Real Estate Partners acquired the community. When Artemis purchased the community, it had an occupancy rate of 92%, and we believe the cap rate fell below 6%.
Newmark handled the transaction on behalf of Artemis, and secured acquisition financing for Focus.
