SLIB recently closed the $2.25 million sale of St. Clare Terrace in Milwaukee.
St. Clare is made up of 59 assisted-living units under the Residentail Care Apartment Complex designation. THe community was originally built in 1964, and consists of 67,000 square feet on 2.4 acres.
Occupancy was 64 percent at the time of the sale.
St. Clare was placed into receivership when the previous not-for-profit owner/operator was unable to service outstanding bonds. Shortly after the building was placed in receivership, an experienced seniors housing operator was hired to manage the community until the facility could sell.
The buyer is a group based in Wisconsin with seven other communities across the state. The buyer received a credit of $500,000 for improvements to St. Clare’s physical plant, including repairs deferred by prior ownership. The buyer plans to rebrand the facility under the name Willow View.
Ryan Saul, Bradley Clousing and Joe Young of Senior Living Investment Brokerage handled the transaction.
