M&M Arranges Sale of 80-Unit Supportive Living Facility in Illinois

by Jeff Shaw

KANKAKEE, Ill. — Marcus & Millichap has arranged the sale of River Valley Supportive Living Residence, an 80-unit supportive living facility in Kankakee, approximately 60 miles south of Chicago. Supportive living is a program in Illinois that allows government reimbursement for assisted living-style services.

A Chicago-based owner-operator purchased the facility from a Northeast-based owner-operator looking to exist the supportive living market. The purchase price was not disclosed.

River Valley was built as a hotel in 1971, and converted and fully renovated into supportive living in 2003. The building is four stories tall, and sits on two acres of land. The facility was 70 percent occupied at the time of sale.

The Marcus & Millichap team of Mark Myers, Josh Jandris, Ryan Fleming, and Charles Hilding represented the seller in the deal. The capitalization rate was approximately 14 percent.

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