Chicago’s Cerulean Partners in February acquired Destinations at Eastern, a 116-unit independent senior living community in Las Vegas.
The acquisition by Cerulean and its joint venture partners Real Estate Special Opportunity Portfolio and Real Estate Portfolio Management, is the first targeted investment for the combined entities in the senior-living sector.
Destinations at Eastern will be rebranded as The Echelon. The owners will invest $500,000 in immediate capital improvements. The goal is to increase occupancy and double net income during a three-year period.