Connor Doherty and Ryan Kelly of Blueprint advised on the sale of a 92-unit assisted living community located just outside of Milwaukee, Wisconsin. The community’s positive cash flow, well maintained physical plant and established referral base, plus some operational upside, made it an attractive prospect for investors.
We believe the asset was Clifden Court, which was acquired in 2017 by the private equity firm SHA Capital Partners for $9.12 million, or $99,100 per unit, according to LevinPro LTC’s M&A database. Built in 1998, with additions in 1999 and 2010, the community also received a $1 million renovation from SHA shortly after the acquisition. It also stabilized operations shortly after that with its operating partner Encore Senior Living.
The community now appears to have changed its name to Eden Vista Greendale, falling under the management of Eden Senior Care. Eden owns other skilled nursing and assisted living properties in the area, so it is bringing regional expertise and scale to the building to take advantage of the operational upside. The current purchase price was not disclosed, but we imagine SHA was rewarded for both the management and physical plant improvements made over the years.
