Cushman & Wakefield sold an independent living community in the state of Illinois. Partially occupying a 1939-built hospital, River Glen of St. Charles comprises 106 units of independent living, (including townhomes) assisted living and memory care in St. Charles (Chicago MSA). Selling the community was Salt Lake City, Utah-based Bridge Investment Group. River Glen was then purchased by Citrine Senior Communities in a joint venture with Jaybird Capital for a purchase price of $20 million, or $188,700 per unit. Jaybird Senior Living will manage the community.
Historically, the community was fully-leased with its AL and MC units in a mansion-style building and multiple amenities such as a fitness center, aviary, library and more. It was considered to be an important cultural landmark in the area, and the original hospital building has been combined into the modern campus. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Jack Griffin handled the transaction.
