SLIB Negotiates $2.3M Sale of St. Clare Terrace in Milwaukee

MILWAUKEE — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Clare Terrace, a 59-unit assisted living community in Milwaukee.

The community was built in 1964 and operates under the Residential Care Apartment Complex (RCAC) designation. The 67,000-square-foot property sits on 2.4 acres, and was 64 percent occupied at the time of sale.

St. Clare was placed into receivership when the previous nonprofit owner-operator was unable to service outstanding bonds. Shortly after the building was placed in receivership, an experienced operator was hired to manage the community until the facility could sell.

An ownership group based in Wisconsin with seven other communities across the state acquired the property for $2.3 million. After extensive due diligence, the buyer received a credit of $500,000 for improvements to St. Clare’s physical plant, including repairs deferred by prior ownership. The buyer plans to rebrand the facility under the name Willow View and invest significant capital into the renovation of the facility.

Ryan Saul, Bradley Clousing and Joe Young of Senior Living Investment Brokerage handled the transaction.