CHICAGO, Oct. 17, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed the sale of a three-property seniors housing portfolio in Indiana. The properties were sold $52 million. They are:- Forest Creek Commons, 122 units, Indianapolis
- North Woods Commons, 114 units, Kokomo
- Covington Commons, 154 units, Fort Wayne (top left photo)
Mark Myers (middle right photo), a senior vice president investments in Marcus & Millichap’s Chicago office, Christopher Hyldahl, a senior associate in the firm’s West Los Angeles office, and Joshua Jandris, a seniors housing property specialist in Chicago, represented the seller, BAI of Indiana, and the buyer, Five Star Quality Care Inc.
Joshua Caruana (lower left photo), of Marcus & Millichap’s Indianapolis office, is the firm’s broker of record in Indiana.
“These properties are institutional-quality real estate with strong existing cash flows,” says Myers. “Their acuity levels, physical makeup and locations are uniquely positioned to maximize demand and value within their respective upper-middle class markets. Each property has sustained occupancy levels greater than 90 percent,” adds Myers.
Forest Creek Commons is a single-story apartment building located on the south side of Indianapolis on U.S. Highway 31, south of Interstate 465. The property serves St. Francis Hospital’s Indianapolis campuses and Community Hospital South. The facility has 56 studios, 28 one-bedroom apartments and 38 two-bedroom apartments. The assisted-living portion of the property was constructed in 1995 and an addition was built in 2006. The garden homes were constructed in phases from 1996 to 1998.
North Woods Commons is a single-story apartment building located on the northwest side of Kokomo next to the Howard Regional Health Specialty Hospital and is within one-half mile of the St. Joseph Hospital campus. The property features 50 studios, 42 one-bedroom units and 22 garden homes on an approximately five-acre campus. The assisted living section was constructed in 1997 and added on to in 1998. The garden homes were built in two phases in 1998 and 2005.
Covington Commons features 64 studios, 24 one-bedroom units and 48 two bedroom garden homes on an approximately 12-acre campus. The single-story apartment building is located on the southwest side of Fort Wayne, just east of Interstate 69, near the new Lutheran Hospital campus. The facility serves the south and west sides of greater Fort Wayne.
The three apartment communities all provide a full range of congregate services, including restaurant-style all-day meal service, transportation, housekeeping, flat linen service, activities and common area amenities. The apartment units address the needs of seniors who don’t require full-time skilled nursing care, but do require assistance with dining, dressing, bathing, medication setup and reminders and other daily activities.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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