LaSalle Investment Management Acquires 169-Unit Senior Housing Community In Saint Anthony For $33M

The asset involved in this transaction is a senior housing property known as Legends at Silver Lake, located at 2500 38th Avenue Northeast, Saint Anthony, MN. The property, built in 2015, consists of 169 units and operates under the Low Income Housing Tax Credit program. The sale was completed for a total price of $33,000,000, equating to $195,266 per unit. At the time of sale, the property recorded a 7.7% vacancy rate.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $33,000,000
• Buyer: LaSalle Investment Management
• Seller: Dominium Management
• Units: 169
• Price Per Unit: $195,266
• Location: 2500 38th Avenue Northeast, Saint Anthony, MN
• Market: Saint Anthony, MN
• Vacancy Rate: 7.7% at the time of sale

LaSalle Investment Management acted as the buyer in this all-cash transaction, acquiring the property from the seller, Dominium Management. This strategic acquisition adds to LaSalle's portfolio in the senior housing sector, signaling their ongoing investment interest in affordable housing solutions.