Berkadia announced the sale of three seniors housing communities offering assisted living and memory care services in the Chicago and Milwaukee MSAs. Berkadia Seniors Housing & Healthcare, led by Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers, closed the 306-unit transaction on behalf of the seller, a joint venture between Dallas-based Caddis Partners and a private equity real estate fund. The properties were purchased by Ventas. The Class-A portfolio transaction closed with just six weeks between LOI execution and closing.
Built in 2018, Heartis of Orland Park is approximately 25 miles southwest of downtown Chicago and comprises 96 AL/MC units. It is the newest majority AL community in the Southwest Cook County submarket, which also features no new construction activity.
Heartis Village Brookfield and Heartis Village North Shore, in Brookfield and Glendale, Wisconsin, opened in 2019 and total 210 AL/MC units. These Class-A properties have exhibited strong occupancies and rental rate growth year after year. With limited new construction in the Milwaukee MSA, they will have the capability to continue strong performance going forward.
