OWATONNA, Minn. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Valleyview of Owatonna, an 86-unit assisted living community in Owatonna, 40 miles west of Rochester. Chicago-based private equity firm HAN Capital sold the asset to an undisclosed buyer for $7.4 million. Valleyview is positioned as the value-based market provider and its services are supported by Minnesota’s Elderly Waiver and CADI waiver programs that allow for sustainable state reimbursement for income-qualified residents. Having reached its peak occupancy in 2020 with only limited private pay residents, Valleyview was generating …
MINNEAPOLIS — Northmarq has secured $50 million in joint-venture equity for a four-property seniors housing development pipeline in Minnesota and Colorado. Equity was procured on behalf of the developer, Minneapolis-based United Properties. The joint-venture partner is a private equity group. The Northmarq team members that facilitated the equity and debt financing included Patrick Minea, Joel Heikenfeld, Dave Link and Stuart Oswald. All four assets are under United Properties’ Amira brand and are in various states of construction and lease-up. The projects include: Amira Bloomington, a 133-unit active adult community in …
MINNEAPOLIS — Walker & Dunlop Investment Sales has arranged the sale of five Class A seniors housing communities in Minneapolis. Minnetonka-based Roers Cos. developed the communities, which Walker Methodist and Jaybird Senior Living operate. The communities opened between 2018 and 2021. The portfolio consists of 567 independent living, assisted living and memory care units. The buyer, an affiliate of Lone Star Funds, will utilize Grace Management to oversee daily operational responsibilities. The price was not disclosed. This is Minnesota’s largest-ever sale for a senior living portfolio, according to Walker & …
ROCHESTER, Minn. — Cushman & Wakefield has arranged the sale of The Waters on Mayowood, a 175-unit independent living, assisted living and memory care community in Rochester. The seller was a joint venture between The Waters Senior Living, Harrison Street Real Estate Capital and North Rock Real Estate. A private buyer acquired the property for an undisclosed price, and will retain The Waters as operator. The property was originally constructed in 2015 and has averaged over 96 percent occupancy since January 2018. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam …
CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage multifamily communities comprising a total of 1,377 units across Illinois, Minnesota, Ohio and Virginia. The assignments include a mix of market-rate units and affordable housing for families, seniors and disabled individuals, expanding Evergreen’s management portfolio to more than 10,000 units throughout the U.S. “While some of the new management contracts were underway just before COVID-19, many started during the pandemic, and we have taken great care to help residents of each community navigate these uncertain times,” says Steve …
ROCHESTER, Minn. — Lloyd Jones has acquired River Bend Assisted Living and Memory Care, an 89-unit senior living community in Rochester. The property will operate under Lloyd Jones’ proprietary AVIVA brand as AVIVA River Bend. The sales price was not disclosed. Constructed in 2014, the property is 1.5 miles from the original and largest Mayo Clinic. The community stretches over 2.8 acres and includes landscaped walking paths with direct access to the scenic Zumbro River trails. Blueprint Healthcare Real Estate Advisors arranged the $26.5 million sale. Lloyd Jones plans to …
LAKE OSWEGO, Ore. — Anthem Memory Care has been selected to manage nine memory care communities in Utah, Washington, Minnesota, Michigan and Ohio. The new communities bring Anthem’s portfolio up to 21 properties and mark the Lake Oswego-based operator’s entry into Utah, Washington, Michigan and Ohio. The properties, owned by Irwin Investors, were previously operated by Sinceri and include: Elk Ridge in Maplewood, Minnesota Edgemont Place in Blaine, Minnesota Robinwood Landing in Lansing, Michigan Glenwood in Dublin, Ohio Preserve at Beavercreek in Beavercreek, Ohio Greenfield Estates in Akron, Ohio Pheasant …
FAIRMONT, Minn. — Lakeview Methodist Health Care Services has completed construction of a $24 million skilled nursing community in Fairmont, located in the southern part of the state near the Iowa border. The 72-bed, 80,000-square-foot building was created as a “neighborhood concept,” which encourages companionship and sociability among residents. Kraus-Anderson Construction was the builder and Wold Architects and Engineers was the designer.
MINNEAPOLIS — Ecumen has broken ground on The Hillock, a 100-unit affordable housing community for seniors in the Longfellow neighborhood of Minneapolis. The project will include 11 units for homeless veterans. The $24 million development is scheduled to open in fall 2022. The site is adjacent to public transit and rents are expected to range from $816 to $1,339 per month. Units are reserved for seniors earning between 30 percent and 60 percent of the area median income. Phase II of the development will add an 89-unit affordable housing building …
MAPLEWOOD, Minn. — JLL Capital Markets has arranged the $27.3 million sale of Frost English Silver, a newly built, luxury apartment community for residents age 55 and older in Maplewood, a suburb of Minneapolis. The property’s 107 units average 876 square feet each. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton of JLL represented the seller, Sherman Associates. Jeff Lepley of JLL arranged acquisition financing on behalf of the buyer, an affiliate of Axial Real Estate Advisors LLC. JLL is providing the seven-year, fixed-rate Fannie Mae loan.