ANOKA, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of River Oaks, an 84-unit independent living and assisted living community in Anoka, a northern suburb of Minneapolis.
Built in 1988, the 90,000-square-foot is located on 1.7 acres.
The seller is a real estate development company that focuses on multifamily and sought to divest River Oaks to concentrate on its core assets. The buyer is a large nonprofit headquartered in Minnesota.
The buyer plans to refresh and rebrand the community over time. The price was not disclosed.
Jeff Binder, Jason Punzel, and Jake Anderson of SLIB handled the transaction.