CENTRAL MICHIGAN, Aug. 23, 2022 — Capital Real Estate Group’s – U.S. Healthcare Investment Sales practice is pleased to announce the sale of a two-property senior housing portfolio consisting of 139 units that span over 126,000 square feet. The portfolio is located in central Michigan where the two communities are located adjacent to one another and spread over 13.5 acres. The portfolio’s apartment mix is comprised of eighty-eight (88) assisted living units, thirty-three (33) independent living units, and eighteen (18) memory care units. The portfolio is currently over 80% leased and has maintained that occupancy on average for the past two years. The portfolio was sold to a publicly traded healthcare REIT for $32,500,000. CREG acted as the Seller’s exclusive advisor in the sale of the Property.
“The Senior Living Industry is rebounding well from the challenging environment over the past 2 1/2 years, and there is a strong demand for quality assets,” Larwood said. “The transaction was very smooth and only took four months from Information Memorandum to Close, a relatively short time frame for Senior Living deals.” Inman added.
Closing Date – August 2022
Purchase Price – $32,500,000
Type – 139 Unit Senior Housing Portfolio
$/Unit – $233,800
Andrew Larwood
Managing Partner & Principal
U.S. Healthcare Investment Sales
404-400-5410
Allen Inman
Managing Partner & Principal
U.S. Healthcare Investment Sales
404-550-7897
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