Evans Senior Investments represented a not-for-profit seeking to exit the long-term care business in the divestment of its 129-bed skilled nursing facility, with an 18-unit independent living component, in Chicago, Illinois. The buyer was a Chicago-based owner/operator of skilled nursing facilities, paying an undisclosed sum for it. They will also manage the facility going forward.
Built in 2002 with a 2012 rehabilitation addition, the property averaged 87% occupancy before the pandemic, with 49 private pay and 28 short-term rehabilitation residents contributing to $13.6 million in revenue. However, the facility was not profitable at the time of the closing, and had an average occupancy of 73%.
