Knapp Group Brokers $8.2M Sale of 56-Unit Community in Traverse City, Michigan

TRAVERSE CITY, Mich. — Knapp Group Seniors Housing Advisors of Marcus & Millichap has brokered the sale of a 56-unit independent living and assisted living community in Traverse City. 

Sitting on eight acres, the 42,564-square-foot facility was constructed in 1989 and expanded in 2001. The name of the property was not disclosed.

A local owner-operator with an existing presence in Norther Michigan acquired the property for $8.2 million. The seller was an owner seeking to retire from seniors housing.

Jim Knapp and Justin Knapp were the lead advisors on the deal.