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METROPOLIS, Ill. — Institutional Property Advisors, a brokerage arm of Marcus & Millichap, has arranged the sale of Misty Meadows Senior Living Center, an independent living community in Metropolis near the southern border of the state, for $4.4 million.
Misty Meadows comprises 39 units, resulting in a price per unit of $112,179 and a capitalization rate of 8.5 percent. The community was built in 2013 and was 95 percent occupied at time of closing.
The seller was an unidentified limited liability company in Illinois. The buyer was Damen Healthcare, a Chicago group looking to expand its portfolio.