Residential Real Estate and Property Management and Retirement communities and Real Estate & Retail

Local senior living manager makes $60.5M acquisition

October 15, 2010

Indianapolis-based Keystone Senior Living LLC has acquired a portfolio of 28 retirement communities in Minnesota and Wisconsin for $60.5 million, the company announced Thursday.

The properties, which total 561 units and 572 beds, were sold by Mark Burish, president and CEO of Madison, Wis.-based Our House Senior Living.

Financing was provided by Columbus, Ohio-based Red Capital Group.

Prior to the purchase, Keystone Senior had 13 communities offering independent and assisted living in nine different states.  The acquisition will more than double the number of units the 15-year-old company manages, it said.

The properties are located in smaller markets, with the largest community being 41 units.




 

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