DUBUQUE, IA-Assisted Living Concepts, based in Milwaukee, has purchased the 185-unit Angelus of Dubuque independent living and assisted living facility here for $24 million. The property was bought from a group of TIC investors.
The property opened in fall 2006, and is now about 45% occupied, says Mark Myers, a VP of investments and senior director of Marcus & Millichap Real Estate Investment Services' National Seniors Housing Group in Chicago. Myers represented the sellers in the deal, and was assisted by Greg Moyer, SVP and managing director of the Chicago office, and Chris Hyldahl, a senior associate. "We anticipate that the property will achieve stabilized occupancy in late 2007 or early 2008," Myers says.
The three-story, 233,793-sf building is at 2700 Matthew John Dr. The facility has 74 independent living units and 111 assisted living units. The developer, and a member of the former ownership, was the Madison, WI-based Professional Realty and Development Corp., which built and owns seven similar senior living developments in Wisconsin and Illinois. This property was the company's only project in Iowa.
Myers says he's not surprised the property sold for the price of $129,730 per unit. "The senior housing market is terrific, though this is a tertiary market," Myers tells GlobeSt.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.