The Knapp Group of Marcus & Millichap successfully brokered the sale of a 58-unit Personal Care Home community in Southwest PA. The 34,779 sq. ft. campus, built in 1965 and renovated in 1997, is located in a favorable suburb only 15 minutes from downtown Pittsburgh. Operations over the years have been very profitable and the community has historically maintained high occupancies until 2015, when staffing, competition, and the changing healthcare standards for seniors housing resulted in a decline in census. Due to the decreased occupancy, the owners decided to take advantage of the favorable seniors housing market and retire early from the business.
Marcus & Millichap’s Knapp Group was able to unearth a motivated buyer who had experience in value-add projects in Western PA. The buyer was able to deliver a $3.6 million cash offer and closed 30 days once the contract was signed.
Joe Knapp and Jim Knapp of the Detroit office worked in tandem with Robert Villeneuve of the Washington, DC office to successfully market and complete the sale.