ROC Seniors Housing Acquires Chicago CCRC

by Jeff Shaw

WHEATON, Ill. — As advisor to a venture between Westminster Capital and LCS, Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of Wyndemere, a 432-unit entrance fee continuing care retirement community (CCRC) located in Wheaton, an affluent suburb of Chicago.

ROC Seniors Housing, a private equity real estate manager, was the buyer and entered into a new joint venture with LCS on the acquisition of the asset. Life Care Services, the management arm of LCS, will also continue to manage the community. The purchase price was not disclosed.

Wyndemere is located on a 25.4 acre campus and consists of 237 independent living units, 65 assisted living units and 130 skilled nursing units. The independent living units are comprised of 211 apartment units and 26 townhomes. The community, which was largely built out in the 1990s, was acquired by the seller in 2010 from a regional non-profit hospital system.

Cushman & Wakefield also arranged the first mortgage non-recourse acquisition financing with Bank of America.

The Cushman & Wakefield team involved in this transaction included Richard Swartz, executive managing director; Jay Wagner, managing director; Aaron Rosenzweig, senior director; and Stuart Kim, associate.

“We were very pleased with the execution of this disposition,” says Swartz. “Entrance fee CCRCs, particularly ones that are stabilized, historically have not been a widely traded asset class, and this process demonstrated that there is indeed capital markets appetite for the right properties.”  

You may also like