Ziegler’s Dan Revie and Tedd Van Gorden arranged a couple of recent seniors housing sales. First, the Reserve at Arlington Heights, a 42-unit memory care community located in Arlington Heights, Illinois, sold to Inspired Healthcare Capital (IHC). IHC is a Scottsdale, Arizona-based private real estate investment firm that focuses on the healthcare sector, which also purchased eight assisted living communities across Oregon and Washington in 2020. Built in 2014 by The LaSalle Group as an “Autumn Leaves” community, this campus has over 30,000 square feet and sold for $12.6 million, or $300,000 per unit. It was performing very well at the time of sale, with occupancy near 100%. The seller, Silverado Interests, is a Dallas, Texas-based private commercial real estate investment firm.
For the second deal, the Ziegler team represented Life Care Services in their divestment of North Oaks Retirement Community, a 225-unit entrance fee CCRC located in Pikesville, Maryland. The 13-acre campus has 175 independent living, 13 assisted living, and 37 skilled nursing units, and sold for around $7.5 million, or around $33,000 per unit. The buyer, a New York-based private senior housing owner and operator, assumed all resident entrance fee contracts and liabilities as part of the transaction.
