MADISON, Wis. — Ziegler, a specialty investment bank, has closed a $40.43 million sale of Coventry Village on behalf of Harris Webber, Ltd., a regional senior housing operator.
Coventry Village is a 176-unit senior housing community offering independent living, assisted living, and memory care services in Madison, Wis. In addition, there are 46 owner-occupied condominiums with an opportunity to build an additional 11 units. Coventry Village was developed by Harris Webber, Ltd., based in Libertyville, Ill.
Built from 1999 to 2004, Coventry Village is one of the newer, age-restricted, senior living developments in Wisconsin. Positioned as a high-end senior living alternative, the community features large unit sizes and incorporates superior finishes and amenities. Occupancy has stabilized and Coventry Village had experienced strong cash flow margins over the previous three fiscal years. With a strong reputation and expansion potential, the community represented an opportunity to acquire an established, high-end senior living community.
“It was a pleasure representing Harris Webber, Ltd. in this transaction. The owner was very pleased with the outcome and the very high per-unit value achieved by our time tested process,” says Bill Mulligan, managing director and head of corporate finance senior living & post-acute care.