Market Insights

Record-Breaking $160M Sale of Havenwood Senior Living Communities

In 2017, Roers Companies recognized a growing need for full continuum-of-care senior housing and began developing a series of communities — Havenwood Senior Living — to meet the demand. Roers Cos. was presented with the award for Top Senior Housing in the West Metro by the Minnesota Real Estate Journal for the first senior living community in the portfolio, Havenwood of Richfield. This facility opened in August of 2018 and filled up very quickly. Roers Cos. kept the momentum going by building out a total of six Havenwood Senior Living communities. 

Developing senior communities in various cities allowed Roers Cos. to expand its reach and tap into diverse senior populations across the Twin Cities metro area and Onalaska, Wisconsin. Each property is an innovative age-in-place community offering a wide range of rental living options for seniors, with most including memory care services along with independent and assisted living.

Five of the Minnesota Havenwood apartments sold to Lone Star Funds in February of 2022 for $160 million, equalling $282,167 per unit. The sale included the five Twin Cities Havenwood properties — Buffalo, Burnsville, Maple Grove, Minnetonka, and Richfield — totaling more than 550 independent and assisted living apartments, plus memory care and care suites. The sale of these properties was an opportunity to provide investors with a solid return on their investment, yielding a 19% average internal rate of return and a 73% average return on equity.

Project Completion: 2018-2020

Sale Date: February 2022

Project Cost: Total of all 5 projects $126M

Maple Grove: $42.6M

Buffalo: $24.9M

Burnsville: $37M

Minnetonka: $31.4M

Richfield: $24.2M

Sale Amount: $160M

Sale Price Per Unit: $282,167

Thanks to the close internal alignment between our development, marketing, leasing, property management, and asset management teams — as well as our third-party operators — our Havenwood sale was among the state of Minnesota’s largest real estate transactions of the year.

The Havenwood Senior Living projects are a prime example of our approach and timing yielding excellent results for investors. If you have questions about what’s happening in the market or current investment opportunities with Roers Cos., please contact our investor relations team.

Disclaimer: NO OFFER OF SECURITIES; DISCLOSURE OF INTERESTS: Under no circumstances should any material enclosed herein be used or considered as an offer to sell or a solicitation of any offer to buy an interest in any investment. Any such offer or solicitation will be made only by means of the confidential Private Placement Memorandum relating to the particular investment. Access to information about investments with projects undertaken by Roers Companies LLC, Roers Companies Project Holdings LLC, or any of their respective affiliates is limited to investors who either qualify as accredited investors within the meaning of the Securities Act of 1933, as amended, or those investors who are generally are sophisticated in financial matters, such that they are capable of evaluating the merits and risks of prospective investments. Investment outcomes vary. Past success does not guarantee future results.

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