Park Ridge senior complex trades for $54M
The buyer has stakes in a number of other senior housing properties in the area
Focus Healthcare Partners bought a Park Ridge senior housing complex for $54 million.
The Chicago-based firm bought the Summit of Uptown complex at 10 North Summit Avenue from Washington, D.C.-based Capitol Seniors Housing with help from $36.5 million in financing from commercial brokerage HFF.
Focus has stakes in eight senior housing properties nationwide, including locations in Tinley Park and New Lenox in the southwest suburbs, according to its website.
The Summit of Uptown property offers independent living, assisted living and dementia care services. It is operated by the Arbor Company.
Not far away in suburban Niles, Apollo Global Management earlier this month bought a senior independent living center for $33.6 million from HCP.
The two sales show continued investor interest in a sector where new developments continue to come into the pipeline.
Artis Senior Living is building a 136-unit assisted-living and memory care facility in the city’s Lakeview neighborhood, and Evergreen Real Estate Group is developing a 193-unit senior housing project in the old Ravenswood Hospital.