JV Buys Recently Built Chicago-Area Senior Housing Property
- Sep 18, 2018
A joint venture of Virtus Real Estate Capital and Pathway to Living has purchased The Grandbrier at Prospect Heights, a 101-unit assisted living and memory care facility in the northern suburbs of Chicago. Cushman & Wakefield brokered the transaction on behalf of the seller, an affiliate of Oz Real Estate.
The asset, located at 708 N. Elmhurst Road in Prospect Heights, Ill., is located a roughly 25-mile drive of downtown Chicago. The site provides easy access to routes 12, 14 and 45, as well as interstates 294 and 90. The community includes 69 assisted living and 32 memory care units–or 35 beds. Common-area amenities feature large outdoor terrace, theater and multiple living rooms.
The Cushman & Wakefield team included Vice Chair Richard Swartz, Executive Director Jay Wagner and Director Timothy Hosmer. “With a high-quality property in Chicago’s wealthy northern suburbs and positive leasing momentum, Grandbrier should be an excellent investment for Virtus,” said Wagner, in prepared remarks.
In April, Pathway to Living opened another Chicago-area senior living community. The 96-unit Heartis Village in Orland Park, Ill. offers assisted living and memory care facilities.
Image courtesy of Cushman & Wakefield