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GREENDALE, WI-A joint venture of Senior Lifestyle Corp. and Walton Street Capital LLC, both based in Chicago, has purchased the 232-unit Harbour Village retirement community here. This is the first Wisconsin property for Senior Lifestyle, which has more than 70 senior communities across the country.

Patrick Lee, VP of acquisitions for Senior Lifestyle, says he cannot comment on the purchase price. In June, the 56-unit Moreland Grove Senior Apartments in Waukesha, WI were sold for about $76,518 per unit, and in January, the 65-unit 700 E. Stonegate seniors housing property in nearby Oak Creek, WI sold for $90,135 per unit. “Because of our high-end units at Harbour, and our location, those deals are not comparable,” Lee tells GlobeSt.com.

Harbour, built in 1996 in this suburb about 10 miles south of Milwaukee, has 142 independent living apartments, 38 assisted living apartments and 52 memory care apartments. Amenities include chef-prepared meals with a restaurant, a fitness center, social events, housekeeping, transportation and onsite retail.

Lee says the company likes the property for what it offers residents. The property has an occupancy rate in the mid-90s, and Lee says his company will undergo a capital improvement program in the 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 of doubt that surrounds most markets today, are rebounding after seeing a small pocket of trouble this year. “What most operators of seniors housing have found is that some of the folks who would have liked to move in were waiting on the economy, and/or their homes to sell. But now we’re seeing more people who are interested in moving in,” Lee says.

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