PEORIA, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Courtyard Estates of Peoria, a supportive living facility in Peoria. A large long-term care owner/operator based in Illinois sold the asset to a supportive living facility owner/operator for $8.2 million.
Originally built in 1970 as a Peoria Landmark hotel, the property was renovated and converted into a supportive living community in 2011. Situated on 5.5 acres, the 110,315-square-foot facility features 100 supportive living beds in a mix of studio and one-bedroom layouts. At the time of sale, the property was 86 percent occupied.
The State of Illinois developed the Supportive Living Program as an alternative to nursing home care for low-income seniors and persons with disabilities under Medicaid. Typical supportive living housing combines apartment-style housing with personal care and other services, so residents can live independently.
Ryan Saul, Jeff Binder and Patrick Byrne of SLIB handled the transaction.