MENOMONEE FALLS, Wis. and MISSION VIEJO, Calif. — Ziegler, a specialty investment bank acting as exclusive advisor to the seller, has arranged the sale of leasehold interests and transfer of operations of Harmony Living Centers LLC to The Ensign Group.
The portfolio included 20 assisted living communities on 15 campuses throughout Wisconsin, totaling 761 units. The acquisition price was not disclosed.
Headquartered in Menomonee Falls, Harmony is a privately held corporation co-founded by Guy W. Smith and his son Mike in 1999. The Ensign Group is a seniors housing operator and holding company based in Mission Viejo.
In January 2007, Ziegler helped Harmony negotiate and complete a $100 million sale-leaseback transaction with Wakefield Capital in which Harmony continued operating the portfolio but sold a substantial majority of its real estate holdings. The communities are now part of a master lease structure with Ventas, the largest public real estate investment trust in the country. As part of the transaction, Ensign assumed the long-term master lease, which includes an option to purchase all of the real estate.