May 24, 2019
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Fountains Assisted Living Portfolio, a two-property, 135-unit portfolio in Granite City and Godfrey, IL, about 15 minutes from downtown St. Louis. Pricing wasn’t disclosed.
The properties are the Fountains of Granite City, constructed in 2000; and the Fountains of Godfrey, built in 2006.
IPA represented the seller, a local investment group, which owned the facilities since construction. The buyer was an affiliate of Triloma Seniors Housing LLC.
“Given the long tenure of ownership and large number of individual investors, there was a significant amount of attachment and sentimental value associated with this portfolio,” said IPA’s Mike Surak. “Through our marketing efforts, IPA produced five offers and closed with an out-of-state buyer who is partnering with a local operator.”
Surak, Matt Andriano of Marcus & Millichap, and Mark Myers, IPA executive director, led the transaction.
Pictured: Fountains of Godfrey
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