March 21, 2019
Institutional Property Advisors (IPA) a division of Marcus & Millichap , has finalized the sale of a 97-unit, 193-bed skilled nursing facility in Palos Heights, IL. Deal terms were not disclosed.
“Previously owned by a non-profit, the facility annually serves more than 50 Medicare A residents and has a longstanding track record of providing exemplary care in the community,” said Mark Myers, IPA executive managing director.
“We achieved a low capitalization rate and high price per bed by identifying a purchaser who values the facility’s exceptional Medicare mix, and looks to continue providing the same degree of care,” he added.
Myers, along with Josh Jandris, IPA senior managing director, and Charles Hilding, IPA director, represented seller Providence Life Services, and procured the buyer, an affiliate of Altitude Investments.
Constructed in 1959 and 1967, Providence Healthcare and Rehabilitation Center of Palos Heights is 27 miles from downtown Chicago.
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