7/25/2007

Assisted living facility in Dubuque sells for $24 million

by

Angelus of Dubuque

Assisted Living Concepts of Milwaukee, Wis., purchased Angelus of Dubuque, a 185-unit independent living and assisted living facility in Dubuque, Iowa.

The sales price of $24 million represents $129,730 per unit.

Greg Moyer, Mark Myers and Chris Hyldahl of Marcus & Millichap Real Estate Investment Services, the nation's largest real estate investment services firm represented the seller, a group of tenant-in-common (TIC) investors.

TICs are "undivided fractional ownerships" in real property, most commonly used by real estate investors to purchase replacement property in an IRS Section 1031 like-kind exchange

TIC investment vehicles essentially allow small 1031 investors to band together to bid against larger investors for institutional-quality real estate whose price and size would otherwise have been beyond their reach as individual buyers.

Located at 2700 Matthew John Dr., Angelus of Dubuque is a three-story 233,793-square foot building situated on a 10-acre lot that consists of 74 independent living units and 111 assisted living units.

Assisted Living Concepts, Inc. operates over 200 assisted living residences with more than 8,300 units in 17 states.

Address 2700 Matthew John Drive, Dubuque, Iowa

Size 185 units/233,793 square feet

Built 2006

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Filed Under: Hotel/Resort

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