ESI Arranges $32.6M Sale of Four-Property Portfolio in Southern Illinois

by Jeff Shaw

SOUTHERN ILLINOIS — Evans Senior Investments (ESI) has arranged the sale of four Legacy Place assisted living and memory care communities in Southern Illinois for $32.6 million.

The four communities are Legacy Place – Breese, Legacy Place – Highland, Legacy Place – Waterloo Assisted Living and Legacy Place – Waterloo Memory Care. The portfolio features 149 assisted living units and 51 memory care units.

All four communities were built in the last eight years, and averaged 95 percent occupancy over the past 12 months. The sale translates to $163,000 per unit and a capitalization rate of 8.2 percent.

Aron Will of CBRE National Senior Housing arranged $24.9 million in acquisition financing for the transaction. The 10-year, fixed-rate Freddie Mac loan features five years of interest-only payments.

ESI represented the seller, an independent owner-operator, in the transaction. The buyer was a regional owner-operator with a focus on Missouri and Illinois.

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