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500 Asbury Avenue

Updated Mar 23, 2026

Ariel Gutnicki Of Alpine Healthcare Acquires Senior Housing Facilities In Evanston And Zion For $32.9M
SOLDSenior Housing

Ariel Gutnicki Of Alpine Healthcare Acquires Senior Housing Facilities In Evanston And Zion For $32.9M

500 Asbury Avenue & 2534 Elim Avenue

$32,900,000

Building Size

—

Asset Type

Senior Housing

Closing

Mar 20, 2026

About this deal

AI

The transaction involved the sale of two senior rehab facilities located at 500 Asbury Avenue in Evanston and 2534 Elim Avenue in Zion. The properties, known as The Grove at Evanston and The Grove at The Lake, were sold for a combined amount of $32.9 million. These facilities are situated in markets seeing increased transaction activity within the senior housing sector.

Summary of transaction details:

Ariel Gutnicki, representing Alpine Healthcare, undertook the rebranding of the acquired properties as Alpine Care facilities. Chaim Rajchenbach, on behalf of Cascade Capital Group, facilitated the sale of these senior housing assets which reflect current mixed pricing trends in the market.

On the Map

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$32,900,000

Senior Housing

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Players

Ariel Gutnicki

Alpine Healthcare

Buyer

$32.9M

vol

1 deal

Buyer

Chaim Rajchenbach

Cascade Capital Partners

Seller

$47.8M

vol

2 deals

Seller
Bilt advertisement

Evanston Senior Housing Market Snapshot

Boundary boundary · Senior Housing · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.48%

Cash-on-Cash

-0.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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