News
New Lenox Seniors Housing Fetchs $9.8M
October 25, 2012
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| When they’re put on the market, seniors housing, especially on the growing edges of major markets, attract investors in droves. Paradise New Lenox, an 80-unit assisted living/memory care property in New Lenox drew would-be owners “attracted by the ability to acquire an asset with strong upside potential in a growing Chicago suburb," ARA’s Debbie Laycock, who repped the seller in the deal, tells us. Growing indeed: New Lenox has a population of 25,000; according to the Chicago Metropolitan Agency for Planning, by 2030 an estimated 90,000 people will live in the village, as population growth in metro Chicago trends southwest. (We're gonna need to make a lot more potato salad for the town picnic.) In the end, Focus Health Partners and Artemis Real Estate Partners bought the property for $9.8M. |
