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.
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