Illinois Senior Living Communities Change Hands
Senior Living Investment Brokerage Inc. sold Keystone Gardens and Keystone Meadows for $12 million. The two properties have nearly 100,000 square feet combined.
Senior Living Investment Brokerage Inc. recently facilitated the sale of two communities in Decatur, Ill. between two undisclosed Michigan-based companies. The properties feature 110 units combined.
Located at 1415 and 1455 West Mound Road, Keystone Gardens and Keystone Meadows are located just a few minutes from downtown Decatur, as well as restaurants, golf courses and shopping centers, including Hickory Point Mall. It is also within easy access of Decatur Memorial Hospital, St. Mary’s Hospital and many doctors’ offices and other healthcare services.
Keystone Gardens is a 50-unit independent living community built in 2001. The facility has approximately 62,220 square feet and sits on roughly 5 acres. The community features four different floorplans, each with a living room, kitchen, one- or two-bedrooms and full baths. Wheelchair accessibility, emergency call systems and private patios or balconies are available in each unit. Amenities include an emergency pull cord and call service in each suite, scheduled transportation, a fitness center and a coffee lounge, as well as social, recreational, spiritual and educational activities. Built in 1999, Keystone Meadows is a 60-unit assisted living community. The property is approximately 45,500 square feet and sits on almost 4 acres. Keystone Meadows has professional staff on duty 24 hours per day and the same amenities as Keystone Gardens.
At the time of sale, both properties were 72 percent occupied. Keystone Gardens and Keystone Meadows were the only communities in Illinois owned by the seller before the transaction. The buyer now owns five communities in Illinois and others across the Midwest. The company plans to focus on improving occupancy and upon stabilization and it is likely the firm will move forward with HUD debt as they have done with a majority of their portfolio.
Senior Living Investment Brokerage Inc. also facilitated the sale of two senior housing properties in Oregon.
Image courtesy of Keystone Senior Living website