Cushman & Wakefield Senior Housing Capital Markets Group, advising a joint venture of affiliates of Senior Lifestyle Corporation and AEW Capital Management, has arranged the sale of North Shore Place, a 156-unit assisted living and memory care community located in the village of Northbrook, IL, on the affluent North Shore of Chicago. The 100% occupied community was purchased by a joint venture between affiliates of Senior Lifestyle and Blue Moon Capital Partners. Senior Lifestyle will continue to operate the community.
North Shore Place was delivered in 2014 as a best-in-class luxury community with 116 assisted living units and 40 memory care units and has been fully occupied with a wait list since the end of 2016. The property’s five-story brick and stone façade displays exceptional visibility and curb appeal. Its wide range of amenities include formal and casual dining options, outdoor seating, a bistro, a library, theatre, salon, fitness center, on-site physical therapy as well as occupational and speech therapy. The community’s grand piano lobby, restaurant-style fine dining, 24-hour concierge, billiards and card lounge complement the units, which feature granite countertops, stainless steel appliances and rod-iron railed balconies.
The competitive sale process was made more enticing by the upside potential of expanding the property and adding a state-of-the-art standalone memory care building on excess land, allowing the relocation of existing memory care operations in order to increase the assisted living unit mix in the original building. The lack of available land in Northbrook and the surrounding North Shore communities added tremendous value to the already highly pursued asset.
The Cushman & Wakefield team involved in the transaction included Executive Managing Director Richard Swartz, Executive Director Jay Wagner, Director Jim Dooley and Associate Caryn Miller. In addition to the sale, Jay Wagner, Senior Director Aaron Rosenzweig and Director Tim Hosmer arranged acquisition financing on behalf of the buyer.
“North Shore Place is one of those iconic properties, widely regarded as one of the best senior housing communities in the nation and the bidding reflected that,” said Wagner. “The competition was some of the most aggressive we’ve seen.
Added Swartz, “The market recognized that this opportunity represented the best markets in the country and management by one of the premier operators in our industry, Senior Lifestyle.”
About Senior Lifestyle Corporation
Senior Lifestyle Corporation (“SLC”) is the seventh largest manager of senior housing in the United States. Founded in 1985, SLC operates over 180 communities in 27 states with regional support and expertise for its nearly 10,000 employees. SLC’s diverse portfolio demonstrates its ability to operate in different regions and at various economic levels ranging from affordable to best-in-class luxury private pay communities. Senior Lifestyle is a recognized industry leader with a wide array of institutional capital partners including public and private REITs and private equity groups and public pension funds.
About Blue Moon Capital Partners
Blue Moon Capital Partners is a private equity platform exclusively focused on senior housing investments across the United States. Blue Moon matches institutional capital with leading senior housing operating companies who are preparing to meet the dramatic growth in resident demand expected over the next decade. Blue Moon’s co-founders, Kathryn Sweeney and Susan Barlow, have assembled an experienced team that bring complementary investment, fiduciary and operational capabilities to the platform and who are investing on behalf of investors in the firm’s initial fund – Blue Moon Senior Housing I.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit, www.cushmanwakefield.com or follow @CushWake on Twitter.