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795 North Rand Road

JDI Realty And Wolcott Group Acquire Evolve At Lake Zurich For $24.5 Million
SOLDSenior Housing

JDI Realty And Wolcott Group Acquire Evolve At Lake Zurich For $24.5 Million

795 North Rand Road

$24,500,000

Units

120

Asset Type

Senior Housing

Closing

Dec 9, 2024

AI

The property asset involved in the transaction is the Evolve at Lake Zurich assisted living community, located at 795 North Rand Road in Lake Zurich. The sale price for the 120-unit senior housing asset was $24.5 million, equating to a price per unit of $204,167.

Summary of transaction details:

  • Property Type: Senior Housing
  • Transaction Amount: $24,500,000
  • Units: 120
  • Price Per Unit: $204,167
  • Buyer: Jeff Aeder & Adam Seidenberg - JDI Realty; Andrew Goodman & Ari Golson - Wolcott Group
  • Lender: Old Second National Bank

This acquisition by JDI Realty, in partnership with Wolcott Group, is part of their strategy for senior housing expansion. The investment was financed through a $17.5 million loan intended to address the growing demand in the market due to the aging baby boomer population, along with current market challenges such as COVID-19, labor costs, and elevated interest rates.

Players

Old Second National Bank
Old Second National BankLender

Lake Zurich Senior Housing Market Snapshot

Boundary boundary · Senior Housing · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.65%

Cash-on-Cash

-0.19%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93