Patrick Lee, VP of acquisitions for Senior Lifestyle, says hecannot comment on the purchase price. In June, the 56-unit MorelandGrove Senior Apartments in Waukesha, WI were sold for about $76,518per unit, and in January, the 65-unit 700 E. Stonegate seniorshousing property in nearby Oak Creek, WI sold for $90,135 per unit."Because of our high-end units at Harbour, and our location, thosedeals are not comparable," Lee tells


Harbour, built in 1996 in this suburb about 10 miles south ofMilwaukee, has 142 independent living apartments, 38 assistedliving apartments and 52 memory care apartments. Amenities includechef-prepared meals with a restaurant, a fitness center, socialevents, housekeeping, transportation and onsite retail.


Lee says the company likes the property for what it offersresidents. The property has an occupancy rate in the mid-90s, andLee says his company will undergo a capital improvement program inthe next year or two. Average monthly fees range from $1,000 to$3,000.


He says these properties, seen as a stable market in the sea ofdoubt that surrounds most markets today, are rebounding afterseeing a small pocket of trouble this year. "What most operators ofseniors housing have found is that some of the folks who would haveliked to move in were waiting on the economy, and/or their homes tosell. But now we're seeing more people who are interested in movingin," Lee says.

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