Senior Living Investment Brokerage, Inc. recently closed on a 138 unit Assisted Living and Independent Living Sale. The community, built in 1985, was a condominium building that is in the process to a rental community. Originally developed as a seniors housing condominium, the aging resident base and high assessment fees provided the opportunity for a group to assemble the units by purchasing each individual unit, terminate the condo association and convert the building to a rental model. Given the large unit sizes, there will be 214 units post post conversion. At the time of the sale, there were 80 existing condo residents that executed new leases for their units. The Buyer also plans on investing in memory care units at the property. For additional information, contact Brad Clousing of Senior Living Investment Brokerage, Inc. at 630/858-2501 or clousing@slibinc.com
