Marcus & Millichap Real Estate Investment Services in conjunction with independent investment bank Brown Gibbons Lang & Co., has arranged the sale of two continuing care retirement communities in Iowa: the Village at Legacy Pointe in Waukee and Vriendschap Village in Pella. The combined sales price of the assets is $40.8 million.
Mark Myers, a senior vice president investments, and Joshua Jandris, an associate, both based in the Chicago O’Hare office, represented the seller, Ewing Land Development. The buyer was the Watermark, a subsidiary of The Freshwater Group, based in Tucson, Ariz.
“Demand for seniors housing remains strong in Iowa, particularly in the highly diverse and stable Des Moines MSA,” said Myers. “Both of these properties are of superior quality and offer upside potential that will be generated by Watermark’s management.”
“The quality of these assets, their prime location and the demographics in this region of Iowa make both properties excellent long-term investments,” said Jandris.
