The Goodman Group announced an acquisition of a seniors housing community in its home state of Minnesota. The deal comes about six months after Kevin Carden joined the firm to lead its seniors housing and multifamily acquisition and development arm with Michael Leonard. Carden previously held roles at Greene Park Capital, REDICO, Ziegler and Classic Residence by Hyatt.
Goodman executed on a 1031 exchange, trading out a multifamily property for a 97-unit assisted living/memory care community in Eagan, Minnesota (Minneapolis MSA). The institutional-quality asset was built in 2017 by a local developer, which had Ebenzer as the property’s manager. Operations were strong, with nearly full occupancy and a healthy operating margin. Goodman will operate the community going forward. The purchase price was not disclosed.
The property fits Goodman’s acquisition strategy of acquiring stabilized, or near-stabilized, institutional-quality communities in its OFATMAMA markets. That would be Oregon, Florida, Arizona, Texas, Minnesota and Minnesota-adjacent, of course. And they are on the look out for more.
