ESI Arranges the Sale of an Illinois Skilled Nursing and Independent Living Community

Chicago, Illinois - November 1, 2021 - Evans Senior Investments (ESI) successfully represented the sale of Holy Family Villa and Bishop Lyne Residence, a mission-based not-for-profit 129-bed skilled nursing community with an 18-unit independent living component located in Chicago, Illinois.

Built in 2002 with a 2012 rehabilitation unit addition, the community exhibited a modern physical plant with 35 private resident rooms. Despite the contemporary design, the community was not profitable at the time of marketing, with census averaging 73%, resulting in a net operating loss. Prior to the COVID-19 Pandemic, the community averaged 87% occupancy with 49 private pay residents and 28 short term rehabilitation residents contributing to revenue of $13,600,000. However, even though the community exhibited stabilized occupancy and an outstanding quality mix, the community was not profitable. “Given the seller’s non-profit mission base and reputation, ESI selected a handful of premier Chicagoland operators who had a reputation for excellent resident care. After careful interviews with the buyers a Chicago-based owner/operator was selected as the best operator to preserve the community's reputation” commented Henry Fuller, Senior Associate at ESI.

ESI represented the seller, a non-profit mission-based operator who sought to exit the skilled nursing industry. Jason Stroiman, President and Founder of ESI, commented “Holy Family Villa and Bishop Lyne Residence presented the opportunity for a new operator to grow their presence in the Chicago metro area and continue the community’s premier reputation for resident care.”

The buyer was a Chicago-based owner-operator of skilled nursing communities. 

Evans Senior Investments continues to observe the difficulty of operating long term care assets in today’s marketplace with rising labor costs and the increasing need for compliance oversight. The continued crisis related to the COVID-19 pandemic will likely intensify the struggles of independent owners as the crisis strains the day to day operations at facilities nationwide. Since March 31st 2020, Evans Senior Investments has closed over $653M in transaction volume, with over $1B in transaction volume set to close in the fourth quarter of 2021.