MICHIGAN and OHIO — Knapp Group Seniors Housing Advisors has arranged two seniors housing property sales, one in Southeast Michigan and another in Northeast Ohio, each for $6.5 million.
In the Michigan transaction, a local owner-operator acquired a 50-unit assisted living facility. The 44,000-square-foot property was built in 1987 and recently underwent improvements. The seller owned the property since 2008. Jim and Justin Knapp were lead advisors on the sale, which equated to a capitalization rate of 8.4 percent.
In the Ohio transaction, a in-state buyer purchased a 55-unit assisted living and memory care community. The 10-acre, 35,500-square-foot campus features two buildings that were completed in 2000 and 2013. Justin Knapp was the lead advisor on the deal.