October 13, 2023
ST. PAUL, MN — Senior Living Investment Brokerage (SLIB) has facilitated the sale of an independent-/assisted-living community located in this Minnesota metropolis. The nearly 125,000-square-foot community, built in 1985, consists of 120 residences on approximately 1.7 acres of land.
The seller was a multifamily owner/developer looking to focus on its market rate portfolio. The buyer was a large senior-living nonprofit looking to expand its footprint in Minnesota. The community will ultimately be converted from independent/assisted living to 100 percent independent living as the buyer looks to provide more affordable independent living in the Twin Cities.
“SLIB solicited multiple offers to help the seller divest this senior asset and focus on their core multifamily portfolio,” said Vice President Jake Anderson in a press release. “The buyer is excited to establish more affordable market rate Independent Living product in St. Paul, MN.”
Anderson and Managing Director Jason Punzel of Senior Living Investment Brokerage handled the transaction.