George Pappas has sold an assisted living facility and independent living facility that were currently in receivership. The two facilities are connected. The assisted living facility is 42 units and was built in 2000. The independent liing facility is 198 units, built in 1966 and utilized a HUD 202 loan. The ILF has a Rent Supplement contract with HUD that will expire June 1, 2015. The property had previously been owned by Sunwest and was sold through the bankruptcy court. The Buyer is a local real estate investor and this is his first seniors housing investment. The propery sold for an 18% capitalization rate. For additional information, please contact George Pappas at 630/858-2501 or pappas@slibinc.com
