HEAVENRICH & COMPANY ANNOUNCES SALE OF ARIZONA ASSISTED LIVING AND MEMORY CARE COMMUNITY
Chicago, IL, July 19, 2017 – Heavenrich & Company announced the successful sale of Pennington Gardens Assisted Living and Memory Care in Chandler, Arizona. The 90-bed/77-unit community was built in 2000 and had an occupancy of 87% at the time of the sale. Pennington Gardens was the first assisted living and memory care community in the Chandler market, a Phoenix suburb, and had been managed as a stand-alone, not-for-profit. The community was acquired by Summit Healthcare REIT, a public, non-traded REIT, for $13,400,000. Heavenrich & Company represented Pennington Gardens in the transaction. The transaction was managed by Brian Clark, Senior Director at Heavenrich & Company’s Denver office.
Based in Chicago and formed in 1994, Heavenrich & Company is a dedicated boutique senior housing investment brokerage firm. The firm advises public and privately-held assisted living, memory care, independent living and skilled nursing organizations in mergers and acquisitions. In addition to brokering existing facilities, Heavenrich & Company provides acquisition and construction capital for senior housing operators.
For more information, contact:
Adam Heavenrich, Managing Director
Heavenrich & Company, Inc.
203 N. LaSalle Street, Suite 2100, Chicago, IL 60601
phone: 312.558.1590
email: adam@heavenrich.com or brian@heavenrich.com
website: www.heavenrich.com
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