St. Rita Square is a 6-story, 118 unit Senior Living development on 1.1 acres in downtown Milwaukee, Wisconsin. This location is in the immediate vicinity of grocery, retail, restaurants, public transportation and health care facilities. The property will benefit from limited competition as the only new Class A rental Independent Living, Assisted Living, and Memory Care facility in the submarket. Westminster Realty Partners III LP acquired a 49.7% joint-venture interest in this development alongside Capri Communities (50.3%), a prior JV partner and an experienced senior living owner/operator in Wisconsin. Westminster Realty Partners III LP committed $4.9 million of equity, with construction financing provided by Park Bank. Pepper Construction, of Barrington, Illinois, is serving as the General Contractor.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.