Lytle Enterprises Sells Portland-Area Senior Community

Lytle Enterprises has sold Van Mall Retirement, a 191-unit senior living community in Vancouver, Wash., for $28 million. JLL brokered the transaction, representing the seller and procuring the buyer, a regional Pacific Northwest owner and operator. The brokerage also secured a $24.5 million acquisition loan provided by Israel Discount Bank of New York, according to public records.

Built in 1989, Van Mall Retirement underwent an expansion in 1994. The senior housing community comprises independent and assisted living units with studios, one- and two-bedroom floorplans ranging between 345 and 828 square feet. Common-area amenities include a fitness center, a game room, a library, a bistro, an art studio, a theatre, a salon, elevators, laundry facilities, private walking paths and resident parking.

Van Mall Retirement features housekeeping and maintenance services, licensed nurses, full-service dining, emergency communication systems and transportation.

Located at 7808 NE 51st St., Van Mall Retirement is adjacent to the Vancouver Mall. The community is also near the intersection of Interstate 205 and State Route 500, which allows easy access to the greater Vancouver and Portland, Ore., areas.

Senior Managing Directors Jay Wagner, Rick Swartz and Aaron Rosenzweig, Senior Director Alanna Ellis, and Directors Dan Baker and Dean Ferris led the JLL team.

In March, another JLL Capital Markets team secured $18.7 million in refinancing for Elk River Senior Living, a 108-unit senior housing community in Elk Grove, Minn. Amounting to $173,151 per unit, the refinancing was facilitated through the HUD/FHA 232/223(f) program.