CENTRAL MICHIGAN — Capital Real Estate Group (CREG), through its U.S. Healthcare Investment Sales practice, has brokered the sale of a two-property seniors housing portfolio in Central Michigan. The properties total 139 units across 126,000 square feet. The two communities are located adjacent to one another and are spread over 13.5 acres.
The portfolio’s unit mix comprises 88 assisted living units, 33 independent living units and 18 memory care units. The portfolio is over 80 percent leased and has maintained that occupancy on average for the past two years. A publicly traded healthcare REIT acquired the assets for $32.5 million. Andrew Larwood and Allen Inman, CREG’s managing partners, acted as the undisclosed seller’s exclusive advisor.