Knapp Group Seniors Housing Advisors of Marcus & Millichap successfully facilitated the sale of a 50 unit assisted living community in southeast MI, exactly 11 years after helping the seller initially acquire it. The 44,000+ sq ft facility was constructed in 1987 and had recently undergone significant improvements and upgrades. The 50 unit “home for the aged” had occupancy over 90% and healthy operating margins. The community was purchased by a local owner/operator for $6,500,000 and a cap rate of 8.4%. Jim Knapp and Justin Knapp were the lead advisors on the transaction.
