VERNON HILLS, Ill. — Blueprint Healthcare Real Estate Advisors has brokered the $9.3 million sale of Springs of Vernon Hills in Vernon Hills, a northern suburb of Chicago.
The standalone memory care community was built in 2015 and features 70 units.
The seller was The Long Hill Company, a nationally focused turnaround management firm serving as the court-appointed receiver for the property.
After falling to 58 percent occupied in 2021 following Illinois’ strict COVID-19 lockdowns, the community was placed into receivership. Under Long Hill’s management, the community steadily regained census, stability in community leadership, and positive momentum in financial performance, ultimately returning to and eclipsing historical occupancy levels.
The buyer was an owner-operator focused on standalone memory care communities. The price equates to approximately $133,000 per unit.