MILWAUKEE — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Clare Terrace, a 59-unit assisted living community in Milwaukee. The community was built in 1964 and operates under the Residential Care Apartment Complex (RCAC) designation. Under this state designation, residents have individual apartments with kitchens and bathrooms. They also receive up to 28 hours per week of supportive, personal and nursing services. The 67,000-square-foot property sits on 2.4 acres, and was 64 percent occupied at the time of sale. An ownership group based in Wisconsin with seven other communities across the state acquired the property for $2.3 million. After extensive due diligence, 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 and invest significant capital into the renovation of the facility. Ryan Saul, Bradley Clousing and Joe Young of SLIB handled the transaction.
