Marcus & Millichap closed the sale of East Ridge Residence, a 137,633-square-foot senior housing property located in East Ridge, Tennessee. The asset sold for $3.6 million.
Richard Lynn, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a partnership, was also secured and represented by Lynn. Regional Manager Joseph McKibben assisted in closing the transaction as the broker of record in Tennessee.
East Ridge Residence is located at 1417 N. Mack Smith Road. The property is a 136-unit independent living facility along with a 10,000-square-foot convention hall. Originally a hotel, the property was converted in 2008 to senior living consisting of 121 one-bedroom/one-bathroom units and 15 studio units.