CHICAGO, ROBBINS and ROCKFORD, Ill. — Senior Living Investment Brokerage Inc. (SLIB) has arranged the $49 million sale of four supportive living communities in Illinois.
The four communities are:
- Coles Supportive Living, a 139-bed community in Chicago built in 2004. The 68,831-square-foot property was 54 percent occupied at the time of sale.
- Jackson Park, a 136-bed community in Chicago built in 2006. The 68,070-square-foot property was 93 percent occupied at the time of sale.
- Robbins Supportive Living, a 128-bed community built in the Chicago suburb of Robbins in 2002. The 65,315-square-foot community was 75 percent occupied at the time of sale.
- Rockford Supportive Living, a 136-bed community built in Rockford, approximately 90 miles west of Chicago, in 2005. The 67,134-square-foot property was 77 percent occupied at the time of sale.
The buyer is a private owner of skilled nursing facilities in Illinois looking to expand its portfolio. The seller is a private owner based in Illinois that is looking to exit the seniors housing market.
Supportive living is a sub-class of assisted living that is an alternative to skilled nursing for low-income seniors. It combines apartment-style housing with care services. The Department of Healthcare and Family Services uses a waiver to allow Medicaid to pay for services that are usually not covered without a Certificate of Need.
Ryan Saul and Patrick Burke led the SLIB team in the transaction.