Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of a 97-unit, 193-bed skilled nursing facility in Palos Heights, Illinois. Mark Myers, IPA executive managing director, Josh Jandris, IPA senior managing director, and Charles Hilding, IPA director, represented the seller, Providence Life Services, and procured the buyer, an affiliate of Altitude Investments.
“Previously owned by a non-profit, the facility annually serves more than 50 Medicare A residents and has a long-standing track record of providing exemplary care in the community,” said Myers. “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.”
Constructed in 1959 and 1967 on approximately 10 acres, Providence Healthcare and Rehabilitation Center of Palos Heights is 27 miles from downtown Chicago. There are nearly 700 short-term acute hospital beds within a five-mile radius of the facility.