Evans Senior Investments announced the sale of an assisted living and memory care community in the state of Indiana. Built in 2016, this assisted living community comprises 48 units in the city of Merrillville (Chicago MSA). Selling the asset was a regional family ownership group. Originally built for memory care and receiving in-place rates above $5,000 a month, in late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The community experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February of 2022. At the time of marketing, the community was 79% occupied and experiencing positive cash-flow.
The ultimate buyer in what was a selective marketing process was Lloyd Jones, having acquired an asset nearby in Valparaiso, Indiana earlier in the year. Evans Senior Investments handled this transaction which closed on February 28, 2023.
