Preservation Equity Fund Advisors And National Healthcare Properties Acquire Senior Housing For $63.5M In St. Charles

Two senior living properties in St. Charles, IL, were sold for a combined total of $63.5 million. Preservation Equity Fund Advisors acquired the 108-unit Carroll Tower located at 200 North 2nd Street for $23.5 million. National Healthcare Properties purchased The River Glen of St. Charles situated at 975 North 5th Avenue for $40 million, illustrating sustained investor interest in senior housing within the Chicago metropolitan area.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $63,500,000
• Buyer: Will Cooper Jr - Preservation Equity Fund Advisors
• Buyer: Michael Anderson - National Healthcare Properties
• Seller: Ben Klein - 3 Diamond Development Group
• Seller: Lynn Jerath - Citrine Investment Group
• Location: St. Charles, IL

The transactions involved out-of-state buyers acquiring the properties from local owners, highlighting continued demand for senior housing in the area. The sales included two distinct buyers securing valuable assets within a competitive market, emphasizing the strategic acquisition approach undertaken by both Preservation Equity Fund Advisors and National Healthcare Properties.