A large seniors housing community in Schererville, Indiana (Chicagoland), saw seven bidders on the asset before a joint venture paying all cash emerged as the buyer. Walker & Dunlop Investment Sales ran a competitive process, with multiple bidding rounds, on behalf of the sellers: Harrison Street, Ryan Companies and Life Care Services (LCS).
Ryan Companies and LCS developed the community in 2015 at a cost of $40 million, or $226,000 per unit. It features 177 units and 180 beds of independent living, assisted living and memory care. The stabilized asset’s occupancy was above 90% and had a strong profit margin.
The buyer was a joint venture between an undisclosed capital source and a multi-state regional operator that assumed operations upon closing.
Walker & Dunlop also handled two skilled nursing transactions that closed on November 1. The first, Crawford County Care Center, was a county-owned skilled nursing facility in Saegertown, Pennsylvania, that Walker & Dunlop sold to a private buyer. The second, Bay Vue Nursing & Rehab, is a skilled nursing facility in Bradenton, Florida, that also sold to a private buyer. The pricing of each asset was not disclosed.
The transactions were led by Joshua Jandris, Mark Myers, Brett Gardner, Tom Falkenberg and Nick Hall from Walker & Dunlop’s Chicago Seniors Housing team.
