RACINE, Wis. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Atrium of Racine and Bay Pointe at the Atrium, a seniors housing campus in Racine, approximately 25 miles south of downtown Milwaukee.
The nonprofit owner placed the community in receivership after not making its bond payments. A regional operator from Milwaukee acquired the community for $5.5 million and has planned capital improvements. The buyer has already received a $250,000 credit for deferred maintenance.
The campus is located on 5.6 acres along the shore of Lake Michigan and features 74 units of independent living and 40 units of assisted living. The properties total 146,534 square feet.
Jason Punzel, Ryan Saul, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.