Knapp Group Seniors Housing Advisors of Marcus & Millichap successfully brokered the sale of a 56 unit AL/ IL community in Traverse City, MI. Sitting on 8 beautiful acres, the 42,000+ sf facility was constructed in 1989, with additions completed in 1997 and 2001. The owner decided to take advantage of the favorable seniors housing market and retire early from the business.
The initial buyer, carefully selected from several interested parties, was ultimately unable to secure financing. Jim Knapp and Justin Knapp immediately went back to potential investors they had uncovered during the marketing process and were able to find another very qualified buyer who was ready and able to close the deal. The second buyer turned out to be a local owner/operator, with several successful AL communities in the state, who shared the seller’s vision for quality care. After renegotiating the selling price due to a slight dip in occupancy over the winter months, the community sold on September 6 for just over $145,000 per unit. Jim Knapp and Justin Knapp were lead advisors on the transaction.