Newmark followed up on its closing of Carlisle Palm Beach with the sale of Harbour Village, a well performing seniors housing community in the Milwaukee MSA. Located in Greendale, Wisconsin, the community features 142 independent living, 38 assisted living and 44 memory care units separated across three buildings. The majority (82%) of IL units are two-bedroom apartments, and a plurality of AL units (40%) also have two bedrooms.
The community was built from 1988 to 1999 and subsequently renovated in 2017 and 2024, with occupancy surpassing 90% as of October 2024. It also generated a near-40% operating margin. There are an additional 1.25 acres available for an expansion opportunity. Considering occupancy has historically been strong, there is a case for an expansion. LCS is the operator and will remain to manage it going forward.
Newmark represented the seller, Blackstone, in the deal. Tunbridge Peak bought the community for $61.1 million, or $272,800 per unit, financed by a Freddie Mac loan just under $40 million that was arranged by Newmark.
