VALPARAISO, Ind. — Evans Senior Investments (ESI) has arranged the sale of Journey Senior Living of Valparaiso, a 98-unit assisted living and memory care community located near the southern bank of Lake Michigan in Valparaiso.
The community opened in 2018, but struggled with lease-up, went through two management companies and was shut down in September 2020. The buyer was a regional private equity group that plans to make significant renovations to the empty building and reopen it in fall 2021.
The price was $9.2 million, or $93,000 per unit.
“Journey Senior Living of Valparaiso presented a great opportunity for a new ownership group with operational expertise and synergies in the seniors housing market to acquire the asset below replacement costs and lease up the community with an efficient expense structure as this community is folded into their portfolio,” says Jason Stroiman, president and founder of ESI.