Berkadia Announces Sale of Three-Property Assisted Living & Memory Care Portfolio in Chicago & Milwaukee MSAs
MILWAUKEE, WISCONSIN – December 6, 2024 – Berkadia announced today the sale of three upscale senior living communities offering assisted living and memory care services in the Chicago and Milwaukee metropolitan areas. 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 a publicly traded REIT. The Class A portfolio transaction closed in record speed with just six weeks between Letter of Intent execution and closing.
Heartis of Orland Park, located approximately 25 miles southwest of downtown Chicago, opened in 2018 with 96 assisted living and memory care units. It is the newest majority assisted living community in the Southwest Cook County submarket which also features no new construction activity.
Heartis Village Brookfield and Heartis Village North Shore, located in Brookfield and Glendale, Wisconsin, opened in 2019 and total 210 assisted living and memory care 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.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for active adult, independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending, and Capital Markets Advisory Services.
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