Marcus & Millichap Real Estate Investment Services announced it sold Elk Run Assisted Living Facility for $7 million to Augustana Senior Care Corporation on Wednesday.
Located in Evergreen, CO, the property was constructed in 2002 and sits on 5.5 acres of landscaped grounds at the foothill of the Rocky Mountains.
“We are pleased to have brought this transaction to a successful conclusion,” said Jacob Gehl of Marcus & Millichap’s Chicago Downtown Office. “This represents a favorable outcome for the Elk Run Investors. Augustana has an excellent reputation for providing high quality care to seniors within the State of Minnesota and we are excited to have been able to assist them in expansion into Colorado.”
The property has 62 units for assisted living said the company. Based on the purchase price, the cost per unit came in at $112,000.
The buyer, Minneapolis based Augustana Senior Care Corporation is a non-profit owner of senior housing with communities throughout the State of Minnesota.
In other M&M news, the group sold Wynwood of Mandeville earlier this week for $10.4 million to Emeritus Corporation, a publicly-traded senior housing owner and operator based in Seattle, WA.
The facility is an 84-unit assisted living facility located in Mandeville, LA. Constructed in 1998, Wynwood of Mandeville sits on 6.32 acres of landscaped grounds boasting excellent visibility off the Lake Ponchetrain Causeway, the famous bridge which connects New Orleans to the rest of the state.