KNOXVILLE, Tenn. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Northshore Heights LLC, a 69-unit assisted living and memory care community in Knoxville.
Hamister Real Estate Equity Fund III, LP, a private real estate fund sponsored by Hamister Group LLC, acquired the property for an undisclosed price.
The seller was the regional developer of the community, which opened in 2017. Formerly known as Northshore Senior Living, the Class A facility had not leased up to 70 percent occupancy at the time of sale.
Josh Jandris and Mike Surak of IPA led the transaction. Jody McKibben is the firm’s broker of record in Tennessee.
“The buyer will utilize their operating expertise, and prior successes in stabilizing similar assets to enhance performance at the property,” says Surak.