Knapp Group Seniors Housing Advisors of Marcus & Millichap successfully brokered the sale of an 88 bed skilled nursing facility in Metro Detroit. The 60,000+ sq. ft. building was constructed in 1998 and located on 4.5 acres.
The community originally had a total of 108 beds, which included a Home for the Aged licensed, 20 bed memory care section that closed in 2017.
The non-profit owned community had a declining census at the time of the sale. A local buyer, with a history of turning underperforming nursing homes into 5 star facilities, saw a great opportunity in the property.
Jim Knapp and Justin Knapp were lead advisors on the transaction which closed on October 1, 2018 for around $80,000 a bed.