Marcus & Millichap’s Knapp Group successfully brokered the sale of two seniors housing properties in Irwin, Pennsylvania. The communities were comprised of 95 AL/IL units that were built in 1999 and 1959 with an extensive renovation in 2009. The seller was a prominent physician within the community and was looking to retire from the seniors housing business. The Knapp Group developed a fair and competitive marketing process and ultimately sent out 36 confidential marketing packages to interested groups and secured multiple offers. A credible local owner/operator acquired the communities and the transaction closed smoothly and in a timely manner. The new owner/operator retained all employees and executed an excellent care plan for the residents. The transaction closed with a selling price of $7.45 M. Joseph Knapp was the lead agent on this transaction
