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Evans Senior Investments Arranges $30M Sale of 105-Unit Seniors Housing Community in Minnesota

The Shores of Lake Phalen consists of 22 independent living units, 51 assisted living units and 32 memory care units.

The Shores of Lake Phalen consists of 22 independent living units, 51 assisted living units and 32 memory care units.

MAPLEWOOD, MINN. — Evans Senior Investments has arranged the $30 million sale of The Shores of Lake Phalen, a seniors housing community located in the Twin Cities suburb of Maplewood. A non-traded REIT purchased the property at a price of $285,714 per unit. The Shores of Lake Phalen features 22 independent living units, 51 assisted living units and 32 memory care units. Constructed in 2011, the Class A community is adjacent to the Gateway State Trail for walking or biking. The new owner plans to lease the facility to a national operator. The final capitalization rate was 6.3 percent based on a 2015 budgeted net operating income of $1.9 million. Evans Senior Investments is a Chicago-based seniors housing investment banking firm.

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