Cushman & Wakefield’s Senior Housing Capital Markets team, acting as exclusive advisor to an affiliate of Oz Real Estate, has arranged the sale of The Grandbrier at Prospect Heights, a 101-unit/104-bed newly built Assisted Living and Memory Care community located in the wealthy Chicago suburb of Prospect Heights, IL. The property was acquired by a joint venture between Virtus Real Estate Capital and Pathway to Living.
Built in 2017, The Grandbrier at Prospect Heights is comprised of 69 Assisted Living units and 32 Memory Care units (35 beds). The Class A community provides residents with an impressive array of amenities, including top-quality finishes, a large outdoor terrace, theater, numerous living rooms and award-winning lifestyle programming.
“The Grandbrier at Prospect Heights has been an exceptional development project for us and our partners, Pathway to Living and Grandbrier Senior Living, and the positive market demographics and quality of the asset have allowed for a strong lease-up following completion,” said Steven Orbuch, founder and President of Oz Real Estate.
The Cushman & Wakefield team involved in the transaction 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,” noted Wagner. “The community’s memory care segment is truly exceptional, and we are excited for both our client and Virtus to transact on such a premier property.”
Cushman & Wakefield’s Boston office provides a complete suite of commercial real estate services for the entire lifecycle of properties and portfolios.
About Oz Real Estate
Oz Real Estate, the real estate platform at Oz Management, was founded by Steven E. Orbuch in 2003 to make investments in real estate and real estate related assets across North America and Europe. The principals of Oz Real Estate have invested in over $9.0 billion of private real estate assets, including direct equity investments, preferred equity structures, first lien loans, mezzanine loans, b-notes, ground leases and other credit investments. Oz Real Estate’s portfolio has included over 20,000 hotel rooms, over 30,000 multifamily and residential units, and over 20 million square feet of retail and office properties. In addition, Oz Real Estate has developed expertise in certain niche real estate asset classes including gaming, healthcare, senior housing, cellular towers, ski resorts, and land development. Oz Real Estate is currently making opportunistic investments from Och-Ziff Real Estate Fund III, credit investments from Och-Ziff Real Estate Credit Fund, and special situations investments from other capital sources within Oz Management. For more information on Oz Real Estate, please see www.ozm.com
About Virtus Real Estate Capital
Virtus Real Estate, LLC, founded in 2003, brings thoughtful stewardship to the practice of real estate investment, delivering non-correlated alpha via cycle-resilient real estate. Over the last 15 years, Virtus has acquired 218 properties for a combined acquisition value of over $3.4 billion and has fully realized 153 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit www.virtusre.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.