Knapp Sells Specialty Assisted Living Community
It wasn’t the most straightforward of transactions, but Jim Knapp of Marcus & Millichap successfully sold an assisted living/memory care community in southeast Michigan for $6.5 million, or about $162,500 per bed, with an approximate cap rate between 9% and 10%. Built in 1991 and 1996, the community was owned by a family trust until the current sale. About 25% of its census (occupancy was in the high 90s) was derived from residents with traumatic brain injuries who were funded through catastrophic claims. Part of Michigan’s mandatory no-fault insurance, that particular income stream had to be underwritten differently and would also appeal to a unique set of buyers. They turned out to... Read More »
Wisconsin Owner Doubles Portfolio In One Deal
A local assisted living ownership group in southeastern Wisconsin is looking to expand in a big way with its acquisition of a senior living community in the town of Mukwonago (Milwaukee MSA). To this point, the group had owned just eight eight-bed assisted living communities in the area. But, in one transaction, they have now more than doubled their portfolio, by units, in purchasing the 73-unit Mukwonago community. Originally built in 1996 with a 20-unit assisted living community, the property added a 48-unit independent living building in 1999 and five 55+ senior rental homes in the 2000s. Two local partners had owned and operated the community since its inception, but were looking to... Read More »
Marcus & Millichap Closes Milwaukee Deal
A senior care campus in Milwaukee, Wisconsin, that has seen a number of transformations over the years, will soon see another, having recently traded hands with the help of Ray Giannini of Marcus & Millichap. Originally built in 1970 with 112 skilled nursing beds by a local family, the facility underwent a couple of expansions in 2005 and 2012, leaving it with 88 of the original SNF beds, 24 private subacute rehab units and 49 private assisted living units. Due to recent survey issues, occupancy had fallen across the campus to 84% at the SNF and to 83% for the assisted living, and both acuities also maintained majority-Medicaid censuses around 70%. After over 45 years of ownership, the... Read More »
Marcus & Millichap Closes Montana M&A
We don’t see much Montana M&A, but Tony Cassie of Marcus & Millichap closed two skilled nursing transactions in Big Sky Country, plus one in Washington State. Both Montana facilities are located in Billings. The 161-bed facility was built in the 1960s, while the 150-bed facility was built in stages in 1964 and 1974. A private real estate investment firm and an operating partner stepped in to purchase the facilities from a national owner/operator for a combined $13.7 million, or $44,050 per bed. Mr. Cassie also sold a 105-bed skilled nursing facility in Renton, Washington (Seattle MSA) on behalf of a private individual owner. Built in 1969, the facility was purchased by a real... Read More »Schedule a demo
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