Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Bentley Commons at Keene, a 109-unit, 144-bed independent living and assisted living facility located in Keene, New Hampshire. The property has been renamed American House Keene.
“With occupancy near 100 percent, competitive rents and a 30-plus percent operating margin make the facility a strong performer,” said Mark Myers, IPA executive managing director.
“We were able to find an inconspicuous Midwestern buyer for this New England market that was looking to establish a region with Bentley Commons,” added Joshua Jandris, IPA senior managing director.
Jandris, Myers and Michael Cimino, Marcus & Millichap senior associate, represented the seller, a New England partnership and procured the buyer, a Michigan based owner and operator of Seniors Housing and Multi-family. Jennifer Athas is Marcus & Millichap’s broker of record in New Hampshire.
Opened in 2008, a portion of Bentley Commons is a renovated mill building and the rest is new construction. The facility has 42 independent living and 67 assisted living units.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.
