MINNEAPOLIS — Transwestern Real Estate Services, through its Midwest Capital Markets team, has brokered the sale of Hiawatha Suites, an assisted living and memory care facility in Minneapolis.
Transwestern’s Harrison Wagenseil and Erik Coglianese represented the seller, a local developer of multifamily, single-family and assisted living facilities, in the transaction. The buyer was not disclosed.
While the price and number of units were not disclosed, the price represents over $200,000 per bed.
“In the senior and assisted living space, COVID had a particularly poignant impact on values and occupancy,” says Wagenseil. “The fact that Hiawatha was a new facility and nearly 100 percent occupied at the time of sale really improved our transaction outcome, and likewise the outcomes for its future residents.”
Built in 2019, Hiawatha Suites caters to residents looking for a memory care and high-acuity assisted living facility in an urban environment.