INDIANA — Evans Senior Investments (ESI) has arranged the sale of a 100-bed skilled nursing facility in Indiana. A regional owner-operator sold the property to a regional operator with a presence in Indiana. The price and further details on the property’s name and location were not disclosed. At the time of marketing, the community posted $10.2 million in total revenue and was 71 percent occupied. The community participated in the Upper Payment Limit program (UPL) with a local hospital. The high revenue generation of the community contributed to an above-average …
CHICAGO — Senior Living Investment Brokerage (SLIB), a Chicago-based brokerage firm, has arranged the sale of five communities totaling 440 units across two separate transactions. In the first acquisition, SLIB arranged the sale of four communities in Kokomo, Ind.; Pueblo, Colo.; Stillwater, Okla.; and Cheyenne, Wyo. The assets total 351 units and the portfolio averages 87 percent occupancy. The seller was a long-standing provider of seniors housing with a portfolio of over 30 communities. The buyer was a regional private equity group focused on the seniors housing space that aligned …
MERRILLVILLE, Ind. — CBRE’s Indianapolis/Louisville multifamily team, in partnership with CBRE National Senior Housing, has arranged the sale of Residences at Merrillville Lakes. Located in Merrillville, near the Illinois border south of Chicago, the active adult community features 356 units averaging 890 square feet. The seller was an entity controlled by the principals of two Chicago-based companies, Oculus Development and UIRC. The buyer and price were not disclosed. Steve LaMotte Jr., Dane Wilson, John Sweeny, Aron Will, Garrett Sacco and Scott Bray led the CBRE team.
SOUTH BEND, Ind. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a seniors housing community in the North Indiana city of South Bend. The late 1990s-built assisted living community experienced occupancy challenges due to the COVID-19 pandemic. The name and number of units at the property were not disclosed. A national owner-operator sold the asset to a private owner partnering with a new operator, both looking to expand in the market. The price was not disclosed. The buyer group plans to reposition the asset as the premier …
VALPARAISO, Ind. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Rittenhouse Village of Valparaiso, a 90-unit assisted living and memory care community in Valparaiso, approximately 45 miles southeast of Chicago. A publicly traded REIT sold the asset to Lloyd Jones Senior Living, which was looking to grow its Midwest presence. The price was not disclosed. Built in 2009, the historically cash flowing community was negatively impacted by the COVID-19 pandemic, though recently started to rebound operationally. The sale was positioned as a value-add opportunity.
VALPARAISO, Ind. — Chicago-based Evergreen Real Estate Group has started construction of Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso. The $30 million project is scheduled for completion in April 2023. It will offer 48 studio and 72 one-bedroom apartments, all of which will be reserved for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI). A financial assistance program will be available for those who qualify. Green Oaks of Valparaiso will be licensed …
VINCENNES, Ind. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Gentlecare of Vincennes, a 60-bed skilled nursing facility in Vincennes, along the Illinois border approximately equidistant from Indianapolis, Louisville and St. Louis. A private mom-and-pop seller looking to retire sold the community to The Strategies, an Indiana-based owner-operator, for an undisclosed price. Ryan Saul of SLIB led the transaction.
New City Development Unveils Plans for $300M Mixed-Use Project in Indiana to Include Seniors Housing
PLAINFIELD, IND. — A partnership led by Indianapolis-based New City Development has unveiled plans for Hobbs Station, a $300 million mixed-use project in Plainfield, about 19 miles southwest of Indianapolis. Hobbs Station will be located on a 125-acre site just off U.S. Highway 40. At full build-out, Hobbs Station will feature 240 single-family homes, 650 multifamily units, 120 seniors housing residences, 70,000 square feet of retail and restaurant space, 540,000 square feet of logistics space and 200,000 square feet of build-to-suit office space. Phase I of the project will consist …
FORT WAYNE, Ind. — Lument has provided a $12.7 million FHA Sec. 232 note modification to refinance the existing debt on Park Place Senior Living, a 172-unit seniors housing community in Fort Wayne. David Boitano, managing director for Lument based in Seattle, led the transaction. The borrower is Sabra Health Care REIT. Park Place Senior Living consists of 158 assisted living beds in 132 units and 40 memory care beds/units. Traditions Management operates the community. “The FHA seniors housing note modification program proved to be an ideal solution that allowed …
INDIANAPOLIS — Sonida Senior Living has acquired two recently renovated senior living communities in metro Indianapolis for approximately $12.3 million. Core Redevelopment, a local multifamily developer and manager, acquired the communities in 2019 and immediately rebranded and repositioned the properties through interior and exterior renovations. Walker & Dunlop Investment Sales brokered the transaction. The communities, Northfield Senior Living and Southfield Senior Living, include 157 independent living units and are located approximately 20 minutes outside of downtown Indianapolis near major highways, stores and restaurants. The assets complement Sonida Senior Living’s existing …