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Cushman & Wakefield Arranges Sale of Class A Independent Living, Assisted Living and Memory Care Community in Rochester, MN

Jayden Lapin-Tatman • 2/22/2022

Rochester, MN – Cushman & Wakefield announced today that the real estate services firm exclusively represented a joint venture of The Waters Senior Living, Harrison Street Real Estate Capital and North Rock Real Estate in arranging the sale of The Waters on Mayowood, a 175-unit independent living, assisted living and memory care community in Rochester, Minnesota.  

A private buyer is acquiring Mayowood and will retain The Waters to manage the community. The property was originally constructed in 2015 and has performed exceptionally well since opening, averaging over 96% occupancy since January 2018. 

Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Jack Griffin arranged the transaction. 

“The ownership group provided an exceptional place to live for Rochester’s seniors at Mayowood, as evidenced by their tremendous performance, occupancy and enviable waiting list. We’re very pleased to have partnered with ownership to execute the business plan of selling the property and retaining the in-place management team,” said Wagner. “The Waters developed the leading community in Rochester and its laser-focus on the quality of care was evident in the investors’ appetite for Mayowood.” 

“Cushman & Wakefield were a pleasure to work with on the sale. We’re excited to form a new partnership with the buyer to continue to manage Mayowood, a flagship-quality community for The Waters,” added John Hunsicker, SVP, The Waters Senior Living.  

Cushman & Wakefield’s National Senior Housing Capital Markets team was established in 2011 and advises top institutional owners, developers and operators on equity, debt and investment sales throughout the United States. Located in Boston and Southern California, the team is led by Rick Swartz and Jay Wagner and includes a total of 11 professionals. The team is consistently ranked amongst the top senior housing brokerage groups in transaction value and has executed on greater than $6 billion in transactions. 

About The Waters Senior Living 
The Waters Senior Living Group, LLC, is a fully-integrated real estate platform: an active investor, developer, and operator of a robust portfolio of exceptionally well-positioned, state-of-the-art, private pay senior living communities. The Waters portfolio consists of 13 communities with over 1,600 apartments in operation, construction, or under development. 

About Harrison Street Real Estate Capital 
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets.  The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 185-employees and approximately $30 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE. For more information, please visit   

About North Rock Real Estate 
With offices in Minneapolis and Rochester, MN, North Rock Real Estate provides brokerage, development and investment services throughout the upper midwest. The firm is an entrepreneurial commercial real estate firm who takes an innovative approach to all project processes.  With their expertise, clients can expect real estate strategies of all types, sizes and objectives to be delivered with confidence and results. 

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit or follow @CushWake External Link on Twitter.


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