An affiliate of Wauwatosa-based
Matter Development, which builds and owns senior living facilities across the region, purchased a Brookfield assisted living facility for $13.2 million.
Known as Lakewood Assisted Living & Memory Care, the 66-unit facility at 4065 N. Calhoun Road was built in 2018 and was fully occupied at the time of the sale. The facility will now be operated by Matter Development affiliate
Koru Health.
Lakewood is located five miles east of Westerly Pewaukee,
a 138-unit continuum of care community Matter Development is building at Highway 164 and Capitol Drive, which will open in March of 2025.
“Even before opening Westerly, we see great demand for assisted living and memory care in Brookfield and Pewaukee, surpassing the number of units we will have at Westerly," said
Aaron Matter, CEO of Matter Development, in a press release. "The Lakewood acquisition gives us the opportunity to build a great team and provide options for our seniors."
Matter Development is actively pursuing ground-up development opportunities, with an expansion of Evin at Oconomowoc, and other projects in Sheboygan, Hartford, and the North Shore suburbs of Milwaukee. This is also Matter’s second acquisition this year of an existing senior living community, having purchased The Bay and Landing at Elkhart Lake in January.
According to the U.S. Census Bureau, the population of seniors ages 75 and older is projected to grow by more than 40% over the next 15 years.
“Our capital partners have asked us for more opportunities. They see the tremendous need approaching for seniors and they like how we own and operate with a commitment to delivering high-quality senior care," Matter said. “Our investors see more than financial return on investment. They also see how their investment impacts residents and families, ensuring they are treated with care and compassion as they age.”
Matter purchased the Lakewood property from an Irvine, California-based entity called Brookfield Care Group, LLC.
