RACINE, Wis. — Senior Living Investment Brokerage has arranged the sale of The Woods of Caledonia, a 50-unit community-based residential facility (CBRF) in Racine, approximately 25 miles south of Milwaukee.
The property totals 54,000 square feet n 4.48 acres. It was originally built in early 1960s and converted to a CBRF in 2008. Occupancy was 75 percent at the time of the sale.
The seller was a regional owner-operator that strategically divested this facility due to poor financial performance and the fact that it had transitioned to a Medicaid waiver community. The seller wished to focus on newer private-pay communities.
The buyer was a regional owner-operator with other facilities in the area. The new owner plans to invest capital in the physical plant and work to improve occupancy by offering affordable assisted living. The price was not disclosed.