St. Charles Senior Housing Asset Gets a Fresh Start
- Nov 23, 2015
Institutional Property Advisors (IPA), a subsidiary of Marcus & Millichap, has announced the $17 million sale of Carrington Place of St. Charles, a continuing care retirement community in St. Charles, Mo., roughly 23 miles of St. Louis. A Chicago-based private operator is the new owner of the 234-unit, 294-bed community, which has been rebranded Windsor Estates of St. Charles.
A team comprising IPA Executive Director Mark Myers, Senior Director Josh Jandis, Associate Director Charles Hilding, and Marcus & Millichap Associate Richard Lynn represented the undisclosed seller in the transaction. The deal was secured with the help of Bradley Barham, sales manager and Missouri broker of record in Marcus & Millichap’s St. Louis office.
“This was a unique opportunity for us. The seller had recently converted approximately 27 independent living units to assisted living, which improved revenue and cash flow, and will have a positive impact on future marketing,” stated Myers. “The new supply of seniors housing being built in the market will charge much higher monthly rates than the Carrington Place, further increasing the property’s attractiveness.”
Located at 2150 W. Randolph St., Windsor Estates of St. Charles offers 138 independent living units, 32 memory care units, 27 assisted living units, as well as 66 private and semi-private skilled nursing beds. Amenities include a chapel, beauty and barber shop, coffee shop and deli, theater/auditorium, health center, ice cream parlor, courtyard, and multiple dining rooms.
Photo courtesy of Windsor Estates of St. Charles’ official Facebook page