OKLAHOMA CITY, OK--(BUSINESS WIRE)--Marcus & Millichap Real Estate Investment Services, the nation’s premier senior housing brokerage firm, is pleased to announce the sale of Emerald Square Assisted Living Community (top left photo), a 73-unit Assisted Living Facility located at 701 North Council Road, Oklahoma City, OK. The property was acquired for $3,000,000.
Jacob Gehl (middle right photo) and Ben Firestone (lower left photo) in Marcus & Millichap’s Chicago Downtown Office had the exclusive listing to market the property on behalf of the Seller, a special purpose entity set up by a consortium of lenders who foreclosed on the property in 2010.
Emerald Square had previously been owned by Sunwest Management, an Oregon based operator who filed for bankruptcy protection in 2009.
The property was placed into receivership in 2010, and the Receiver was a company based in North Carolina called Anderson Bauman Tourtellot and Vos.
The Buyer was a private equity fund from Dallas who specializes in repositioning distressed assets and who is relatively new to the senior housing industry. The buyer was secured and represented by Jacob and Ben.
“We are pleased to have been able to participate in the sale of another Sunwest-related community,” said Gehl. “The Sunwest story has created some unique opportunities for buyers to acquire distressed senior housing communities at prices far below their replacement costs. We feel fortunate to be able to have played such an active role in the restructuring of so many of these transactions.”
Emerald Square was constructed in 1996 and sits on 14.5 acres. The building is a single-story, purpose-built facility which offers assisted living and independent living cottages. The property was 70% occupied at the time of sale.
Contacts
Marcus & Millichap
W. Walker Robinson, Operations Director
333 W. Wacker Drive, Suite 200
Chicago, IL 60606
(312) 327-5426
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