Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of the Fountains Assisted Living portfolio, a two-property, 135-unit portfolio located in Granite City and Godfrey, Illinois. The properties are The Fountains of Granite City, constructed in 2000 and The Fountains of Godfrey, built in 2006.
IPA represented the seller, a local investment group, which owned the facilities since construction. The buyer is an affiliate of Triloma Seniors Housing LLC. Mike Surak, IPA senior associate, Matt Andriano of Marcus & Millichap and Mark Myers, IPA executive director, led the transaction.
“Given the long tenure of ownership and large number of individual investors, there was a significant amount of attachment and sentimental value associated with this portfolio,” said Surak. “Through our marketing efforts, IPA produced five offers and closed with an out-of-state buyer who is partnering with a local operator.”
Located 23 miles from each other, Fountains of Granite City and Fountains of Godfrey are about 15 minutes from downtown St. Louis. The facilities feature restaurant-style dining with three home-cooked meals per day, a 24-hour beverage bar, weekly housekeeping and linen service, paid utilities, expanded cable TV, transportation to doctors’ appointments, resident-centered life-enrichment programs, an on-site wellness center, a movie theater and scenic outdoor spaces.