October 3, 2018, Steve Monroe, Senior Care Investor - Ray Giannini and John Klement of Marcus & Millichap’s Milwaukee Seniors Housing Group represented a not-for-profit in the sale of its two senior living communities in Buffalo, Minnesota (Minneapolis MSA). The buyer? It was another not-for-profit.
The portfolio includes one purpose-built memory care community with 24 units (48 beds) and one repurposed 67-unit assisted living community, both built (or repurposed) in the early-1990s, centrally located and well occupied. They sold for a combined $9.3 million, or $102,200 per unit, with an $11.6% cap rate.