Citadel Healthcare picked up another senior living facility in Northbrook, bringing the total that it owns to 12 in Illinois.
The firm paid $14.8 million for the property at 3300 Milwaukee Avenue last month, according to Cook County property records. The seller was an entity described as Paradox Northbrook Property LLC, which is controlled by Altitude Health Services head William Rothner.
Citadel acquired ManorCare of Northbrook, located at the current property in 2018. The property has since been rebranded as Citadel of Northbrook.
The Northbrook facility provides services including short-term rehabilitation, cardiac care, post-surgical care and memory care. The 200,000-square-foot property comes with courtyards, private rooms, lounges and activity areas. Citadel has 11 other senior living facilities across Illinois, according to Citadel Healthcare’s website.
Senior housing has been an attractive investment during the pandemic as investors saw long-term opportunity gains in the market that CBRE pegs at $420 billion. While such properties come with strict caps on rent increases, investors can still profit from it as asset values rise, whether they hold or sell.
LSC, one of the largest senior living operators in the country, bought a 53-story senior living property in the Near North Side for $105 million last year. Livingston Street Capital also bought a 150-unit senior living apartment complex in Tinley Park for $29 million in 2020.