American Healthcare REIT Acquires The Pillars Of Grand Rapids Senior Housing From Oppidan Investment Company For $24.375M

The transaction involves a senior housing facility located at 2060 Southwest 8th Street in Grand Rapids, MN. The asset was sold for $24.375 million, translating to approximately $221,591 per unit for the 110 units. The building covers an area of 140,000 square feet with a price per square foot of $174. The facility, developed by Oppidan Investment Company in 2021, provides independent living, assisted living, and memory care services adjacent to Fairview’s Grand Itasca Clinic & Hospital.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $24,375,000
• Buyer: American Healthcare REIT
• Seller: Oppidan Investment Company
• Units: 110
• Price per Unit: $221,591
• Square Feet: 140,000
• Price per Square Foot: $174

American Healthcare REIT acquired The Pillars of Grand Rapids from Oppidan Investment Company in this transaction. The buyer is focused on investing in health care real estate, while the seller is recognized for their development efforts in senior housing projects. This acquisition reflects a significant investment strategy targeting the growing need for senior living options.