Berkadia Sells Assisted Living Portfolio in Chicago, Milwaukee
Berkadia has completed the sale of three senior living communities offering assisted living and memory care services in the Chicago and Milwaukee metropolitan areas.
Berkadia Seniors Housing & Healthcare, led by Managing Directors Ross Sanders, Dave Fasano, Cody Tremper, and Mike Garbers, closed the 306-unit transaction on behalf of the seller, a joint venture between Dallas-based Caddis Partners and a private equity real estate fund. The properties were purchased by a publicly traded REIT.
Heartis of Orland Park, located approximately 25 miles southwest of downtown Chicago, opened in 2018 with 96 assisted living and memory care units. Heartis Village Brookfield and Heartis Village North Shore, located in Brookfield and Glendale, Wisconsin, opened in 2019 and have a total of 210 assisted living and memory care units.
The two Class A properties have exhibited strong occupancies and rental rate growth year after year. With limited new construction in the Milwaukee MSA, they will have the capability to continue strong performance going forward.
