Evans Senior Investments Brokers $30M Sale of 105-Unit Community in Minnesota

by Jeff Shaw

MAPLEWOOD, Minn. — Evans Senior Investments has arranged the $30 million sale of The Shores of Lake Phalen, a seniors housing community located in the Twin Cities suburb of Maplewood. A non-traded REIT purchased the property at a price of $285,714 per unit.

The Shores of Lake Phalen features 22 independent living units, 51 assisted living units and 32 memory care units. Constructed in 2011, the Class A community is adjacent to the Gateway State Trail for walking or biking. 

The new owner plans to lease the facility to a national operator.

The final capitalization rate was 6.3 percent based on a 2015 budgeted net operating income of $1.9 million.

Evans Senior Investments is a Chicago-based seniors housing investment banking firm.

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