NORWOOD, Ohio — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $14.5 million sale of Victoria Retirement Community and Victory Park Nursing Home, both located in the Cincinnati suburb of Norwood.
Victoria Retirement Community, built in 1991, contains a mix of 90 skilled nursing beds and 68 assisted living beds. Victory Park Nursing Home was built in 1965 and expanded in 1989. It contains 55 skilled nursing beds.
The seller was an private family investment group whose operator planned to let its lease expire. The buyer was a real estate investment trust with a strong presence in the region and a new operator lined up.
The IPA team on the transaction consisted of Mark Myers, executive director; Joshua Jandris, senior director; Charles Hilding, associate director; Stan Falk, Joel Dumes and Steve Anevski in Marcus & Millichap’s Cincinnati office; and Peyton Stanforth in the firm’s Chicago O’Hare office. Michael Glass, first vice president, is Marcus & Millichap’s broker of record in Ohio.