A publicly traded REIT bought two high-quality seniors housing communities in Indiana markets. Berkadia’s Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers closed the transaction on behalf of the seller, a private equity firm. Traditions Management operates both communities and will continue to manage the properties moving forward.
Built in 2014 by Leo Brown Group, Traditions at Reagan Park is located in Avon, Indiana, with 125 independent living, assisted living and memory care units, including 30 independent living villas built in 2016 and 2019. Also built in 2014, Traditions at Solana is located in Indianapolis, Indiana, with 117 IL, AL and MC units, including 24 IL villas added in 2014 and 2016. Indiana State Department of Health records linked the communities to individuals at, and an address affiliated with, PGIM. According to LevinPro LTC, PGIM bought the communities in early 2016 for $44.8 million, or $240,900 per unit. The 2024 purchase price was not disclosed.
