If by "congregate care" you mean assisted living, this is a very specialized area and market, over and above getting city approvals and building permits. The architecture must meet specific standards for such a project (handicap accessibility, fire/safety, width of halls to accomodate gurneys, if necessary, emergency notification system, etc.) and most states have licensing regulations and annual fees for operating such a project. Then, marketing to tenants is also very specialized, as well as managing/operating. It's more than property management, it's 24/7 availability of assistance, congregate dining (requiring a commercial kitchen, qualified staff, nutritional guidelines), personal service staff (caregivers), etc. It's a hybrid between hospitality (hotel/motel), multifamily, and medical services.
That being said, I suggest you identify all the similar facilities in your metropolitan area and find out who is the acquisition person for the company. Contact them (or get a licensed broker to do the research and contact them for you) to talk about buying the property outright or participating in a joint venture where you bring the property to the table but they bring the expertise and ability to obtain the financing or investors.
Dec 11, 2009