Ziegler Negotiates Sale of 67-Unit Cedar Community Elkhart Lake in Wisconsin

by Jeff Shaw

ELKHART LAKE, Wis. — Ziegler has arranged the sale of Cedar Community Elkhart Lake, a 67-unit independent living and assisted living community in Elkhart Lake, approximately midway between Green Bay and Milwaukee.

Ziegler advised the seller, local nonprofit Benevolent Corp. Cedar Community, in the transaction.

The seller built the entry-fee community in 2008. The 13.3-acre property, located blocks from Elkhart Lake, includes a neighborhood of independent townhomes, a main assisted living apartment complex and a resident clubhouse.

Matter Development acquired the property. Matter’s operating affiliate, Koru Health, will operate the community. Together Matter and Koru operate 12 senior living communities in Wisconsin and Minnesota.

Although the price was not disclosed, Ziegler says the acquisition was made at a 7 percent capitalization rate based on historical cash flow. The Ziegler investment banking team members involved in executing this transaction are Nick Glaisner, Jake Sexton and Melanie Shaffer.

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