Marcus & Millichap closed the sale of Pleasant View Estates, a 36-unit assisted living and memory care facility in Faribault, Minnesota, for $6.5 million.
Ray Giannini, investment specialist in Marcus & Millichap’s Milwaukee office, had the exclusive listing to market the property on behalf of the seller, Monarch Healthcare Management, and procured the buyer, a regional private investor.
Pleasant View Estates, located at 41 Brand Ave., was built in 1998 and sits on 4.82 acres. The 44,300-square-foot facility includes 24 one-bedroom and 12 two-bedroom apartment-style units. Approximately 75% of the residents are Medicaid assisted living facility occupants. The building is connected to a vacant skilled nursing facility formerly known as Pleasant Manor.
