IPA Arranges Sale of 234-Unit CCRC in Missouri for $17M

by Jeff Shaw

ST. CHARLES, Mo. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving real estate investors, has arranged the sale of Carrington Place of St. Charles, a 234-unit, 294-bed continuing care retirement community in St. Charles, a northwestern suburb of St. Louis.

The $17 million sales price equates to approximately $72,650 per unit. The seller was not disclosed. The buyer was a private owner/operator based in Chicago.

Mark Myers, executive director; Josh Jandris, senior director; and Charles Hilding, associate director, of IPA represented the seller and procured the buyer along with and Marcus & Millichap associate Richard Lynn. Myers, Jandris, Hilding and Lynn also procured the buyer, a private owner/operator from Chicago.

Carrington Place of St. Charles features 138 independent living units, 32 memory care units, 27 assisted living units, and 66 private and semi-private skilled nursing beds.

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