Terova Senior Living

This distressed asset was purchased in Q4-2020, at the height of the COVID pandemic, with 78 rentable units including: 43 Independent Living (IL), 26 Assisted Living (AL) and 9 Memory Care (MC) as well as 23 vacant Skilled Nursing (SNF) units.  Marquee Capital’s relationship with the broker and seller resulted in the ability to win the bidding on this asset. 

At acquisition the asset was less than half occupied with REVPOR below market producing significant negative cash flows each month. 

After acquisition, new on-site leadership team members were hired, a new management company was brought on board, rental and service rates were adjusted to market, branding and digital marketing was heavily invested in, and a full renovation of the wings housing the 23 vacant SNF units was completed resulting in 23 new MC units (101 total units).  As a result cash flow has turned positive and grew to a level where a disposition was pursued.  In Q2-2023 the asset was sold to a strategic buyer netting strong returns for our investors.

Location: Mequon, WI (Milwaukee)

Project Type: Seniors Housing