Cushman & Wakefield Brokers $6M Sale of Property in Southern Illinois

MOUNT VERNON, Ill. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of Greentree at Mount Vernon, a 112-unit assisted living and memory care community.

An institutional investor sold the community to Compass Senior Living acquired the community for $6 million. Mount Vernon is located in Southern Illinois, approximately midway between St. Louis, Missouri, and Louisville, Kentucky.

The sale is part of a larger plan between Cushman and Wakefield and the seller to cull several non-strategic assets.

Greentree at Mount Vernon was built in phases between 2001 and 2009, and most recently renovated in 2017. The property was marketed as a value-add opportunity, as increased competition and lowering rents in the market have pushed occupancy down to nearly 60 percent.

The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Jim Dooley and Sam Dylag.