MERRILLVILLE, Ind. — Evans Senior Investments (ESI) has arranged the sale of a 48-unit assisted living and memory care community in Merrillville.
A regional family ownership group sold the asset to Lloyd Jones for an undisclosed price.
The community was originally purpose built for memory care in 2016 and received in-place rates above $5,000 a month. In late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units.
The community experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February of 2022. At the time of marketing, the community was 79 percent occupied and experiencing positive cash-flow.
“This was a strategic fit for Lloyd Jones, having acquired an asset nearby in Valparaiso earlier in the year,” says Brendan DeSilvia, associate at ESI.