Cambridge Realty Capital Companies reports that four senior care properties owned by the company in Appleton and Green Bay, Wisc., have been sold to Summit Healthcare REIT of Lake Forest, Calif., for $18.4 million.
The properties were purchased by Chicago-based Cambridge in 2008. Since the purchase the properties have been managed by BAKA Enterprises Ltd., a firm that owns and manages senior care properties in northern Wisconsin, said Cambridge Chairman Jeffrey A. Davis.
He said the properties were rebranded and marketed as Cottage Living at Marla Vista Manor and Cottage Living at Carrington Manor in Green Bay, and as Cottage Living at Carolina Manor in Appleton. Also in the portfolio was Marla Vista Gardens, a community for later-stage dementia and Alzheimer’s patients in Green Bay.
This building was unoccupied and unlicensed at the time of its purchase by Cambridge Investment and Finance Co., the company’s acquisition arm.
Combined, the four properties have 125 units. Davis says extensive renovation and improvements at each of the properties was coordinated locally by BAKA Enterprises.
During the eight-year span, combined occupancy at the four properties almost doubled, from 60 to 115 residents at the time of the sale.
Summit Healthcare was represented in the transaction by Blueprint Healthcare Real Estate brokers Jacob Gehl and Benjamin Firestone. Gehl is Managing Director in Blueprint’s Los Angeles office and Firestone is Blueprint’s Managing Director in Chicago.