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Michael F. Flanagan Of Flanagan & Associates Sells The Oaks At Bartlett For $43 Million

Property Image
SOLD
$43,000,000
Jay Jordan
David Kliewer

Illinois

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Senior Housing
Sold 12/24/2024
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Property Image
SOLD

Michael F. Flanagan Of Flanagan & Associates Sells The Oaks At Bartlett For $43 Million

825 Carillon Drive

See Similar Deals
Senior Housing
Sold 12/24/2024
Jay Jordan
David Kliewer
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Senior Housing
Transaction Type:Sale

The transaction involved the sale of The Oaks at Bartlett, a senior housing community located at 825 Carillon Drive in Bartlett, Illinois. The community encompasses 37 acres and provides a total of 283 units. The sale price was recorded at $43,000,000, which translates to a price per unit of $151,943.

Summary of transaction details:

Continuum Advisors facilitated the court-supervised sale process following a default on bond obligations. The buyer of the property was a national institutional investor, marking a significant engagement in the senior housing market.

Players

David Kliewer
Continuum Advisors
David Kliewer
4 deals$76M volume(727) 641-6655
BROKER
Jay Jordan
Continuum Advisors
Jay Jordan
4 deals$76M volume(727) 515-5719
BROKER

Details

SOLD
IMAGE: Jay Jordan, David Kliewer & Michael F. Flanagan DATE: 12/24/2024 ADDRESS: 825 Carillon Drive MARKET: Bartlett ASSET TYPE: Senior Housing ~ ACRES: 37 SELLER: Michael F. Flanagan - Flanagan & Associates, LLC BROKERS: David Kliewer & Jay Jordan - Continuum Advisors SALE PRICE: $43,000,000 UNITS: 283 ~ PPU: $151,943 NOTE: Continuum Advisors arranged the $42 million sale of The Oaks at Bartlett, a 283-unit senior housing community in Bartlett, Illinois. The property, offering a full continuum of care, was sold through a court-supervised process to a national institutional investor after defaulting on bond obligations.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,293,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$152,769.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$203,841.94
Annual Debt Service$2,446,103.25