The Friendship Village of Schaumburg retirement community in Schaumburg has been sold for $114.8 million to Encore Healthcare Services of New York. The winning bid was the minimum bid of $83.1 million offered by Encore Healthcare. As part of the sale, Encore Healthcare has committed to investing $15 million in property improvements and making annual charitable contributions of $50,000. They will also provide educational assistance for employees.

Summary of transaction details

• Property Type: Senior Housing
• Transaction Amount: $114,800,000
• Units: 815
• Price per Unit (PPU): $140,859

Encore Healthcare Services of New York, represented by Steve Possino, emerged as the buyer in the transaction. The seller, Friendship Senior Options, was represented by Mike Flynn. The sale is expected to be confirmed on November 8. Encore Healthcare's bid secured the retirement community, and their commitment to invest in improvements and support charitable causes demonstrates their dedication to enhancing the community and benefiting its residents and employees.