IPA Brokers Knoxville Senior Living Community Sale
- Dec 12, 2018
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Northshore Heights—formerly known as Northshore Senior Living—in West Knoxville, Tenn. A private real estate fund sponsored by Hamister Group is the new owner of the 69-unit assisted living and memory care facility.
Located at 8804 S. Northshore Drive, the community spans across 7 park-like acres. Northshore Heights includes 54 assisted living units and an additional wing dedicated to specialized memory care. The Class A facility opened in 2017 and features high-end amenities such as:
- customized personal care assistance
- restaurant-style, home-cooked meals
- housekeeping/personal laundry service
- on-site beauty and barber salon
- wellness programs
“At the time IPA was engaged, the property had not yet hit 70 percent occupancy. Through its marketing efforts, IPA produced five offers, ultimately closing with an out-of-state buyer with over 40 years of experience in the senior living industry,” said IPA Senior Director Josh Jandris, in prepared remarks.
Jandris and Mike Surak led the transaction. Most recently, IPA also brokered the sale of a 371-unit development dubbed Jefferson Riverside in Irving, Texas.
Image courtesy of Institutional Property Advisors