You may have noticed an ad on these pages in recent weeks for the auction of three seniors housing communities in Michigan, including one turnkey operation and two recently shuttered communities. Well, Tranzon Asset Advisors is running the process on its open competitive bidding platform with the auctions set to conclude between April 20 and April 22.
These three assets are part of a larger portfolio of Michigan properties that was recently acquired. However, the pandemic led the developer/owner to focus on specific markets and buildings where they had already developed significant expansion and renovation plans.
One community is currently operating in the town of Clare. It includes 40 assisted living and memory care beds and is set in a market with limited competition for those services. There is an opportunity to increase the private pay rates and improve private pay census.
Then, there are two vacant properties ripe for either seniors housing or an alternate use such as drug rehab, a group home or multifamily. One community is situated in Wyoming (Grand Rapids area) and formerly operated as an 84-unit/92-bed independent living community. Each unit is configured as a studio with private bathrooms that could be suitable for individual rentals, student housing or condos. Many units also have private decks.
The third community, located in Grand Blanc, previously operated as a 40-unit assisted living/memory care community. There is a heavy concentration of professional and medical services in the immediate vicinity and there is the opportunity for the two buildings to support multiple commercial tenants.
Tranzon is offering the opportunity for buyers to anonymously bid well below replacement cost on the three buildings individually on its online auction platform. For more information and terms of sale, you can call Steven I. Fox at 757-373- 3151 or go to https://www.tranzon.com/fx1964-1966. Let the bidding begin!
