PITTSBURGH — The Knapp Group of Marcus & Millichap has brokered the sale of a 58-unit personal care home community in Southwest Pennsylvania.
Located near downtown Pittsburgh, the property was built in 1965 and renovated in 1997. Totaling 34,779 square feet, the community historically maintained high occupancy rates until 2015, when census fell amid staffing and competition issues.
Private owners looking to retire from the business sold the asset to a value-add specialist with experience in Western Pennsylvania. The price was $3.6 million, or $62,000 per unit.
Joe Knapp and Jim Knapp of the Knapp Group’s Detroit office worked in tandem with Robert Villeneuve of the Washington, D.C., office to complete the sale.