Waukesha-based nonprofit Covenant Communities Inc. has purchased two facilities operated by Capri Senior Communities, including a property on Milwaukee’s south side for $11 million and another in Sturtevant for $5.8 million, according to state records.
Covenant Communities, a nonprofit led by retiring Capri Senior Communities executive Glen Choban, plans to acquire 14 Capri-operated facilities located on nine campuses. The sites include Milwaukee, Kenosha, Germantown, Sturtevant, Waukesha, West Allis, Whitewater, Fond Du Lac and Sun Prairie.
Jim Tarantino, founder and principal of Capri Senior Communities, has a majority ownership interest in each of the properties.
The Wisconsin Health & Educational Facilities Authority board in June approved a resolution from Covenant Communities seeking up to $189 million in bond financing for the purchase of the properties.
The organization plans to execute a management agreement with Capri to continue operating the facilities.