Virtus Real Estate Capital Announces Acquisition of Newly-Built Senior Living Community in Chicago Suburb
AUSTIN, Texas – Virtus Real Estate Capital (“Virtus”), a leading asset manager of alternative real estate property types, announced today the acquisition of The Grandbrier at Prospect Heights, a 101-unit / 104-bed newly-built Assisted Living (“AL”) and Memory Care (“MC”) community located in the upper middle class Chicago suburb of Prospect Heights, IL. The deal is a joint venture with Pathway to Living, a high-quality Chicago-based senior living operator and developer with intimate local market knowledge and decades of operating experience in the region.
Built in 2017, The Grandbrier at Prospect Heights is comprised of 69 AL beds and 35 MC beds. The Class A community provides residents with an impressive array of amenities, including outdoor terrace dining, bistro, state-of-the-art senior customized fitness center, library with technology center, movie theater, courtyards, restaurant-style dining, and award-winning lifestyle programming.
As the newest property in a higher barrier‐to‐entry market, Grandbrier offers a relative value advantage over the primarily dated competitive set. This combined with the 30+ years of operational excellence provided by Pathway – whom Virtus has worked with a number of years, most recently partnering with in August this year – provides Grandbrier with additional competitive advantages in a sub-market with existing pent-up demand. The acquisition builds on the extensive Virtus Senior Living footprint throughout the U.S., and represents yet another cycle-resilient property investment backed by strong and sustainable senior demographic trends.
“Pathway continues to do a tremendous job investing in its culture, operational advantages, and tailored wellness programs, providing the best experiences and care for our valued senior residents,” said John Sweeny, Virtus Managing Director, Senior Living. “We look forward to expanding our successful partnership with another quality investment.”
About Virtus
Virtus Real Estate Capital, founded in 2003, brings thoughtful stewardship to the practice of real estate investment, delivering non-correlated alpha via cycle-resilient real estate. Over the last 15 years, Virtus has acquired 218 properties for a combined acquisition value of over $3.4 billion and has fully realized 153 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit www.virtusre.com.
Contacts
Mrs. Brooke Akins
bakins@virtusre.com
Disclaimer
This communication is not an offer of any security nor the solicitation of an offer to purchase any security.
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