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Chicago & Midwest  + Midwest  + Senior Housing  |  May 24, 2019
Paul Bubny
By: Paul Bubny

Investment Group Trades St. Louis-Area Assisted Living Portfolio

Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Fountains Assisted Living Portfolio, a two-property, 135-unit portfolio in Granite City and Godfrey, IL, about 15 minutes from downtown St. Louis. Pricing wasn’t disclosed.

The properties are the Fountains of Granite City, constructed in 2000; and the Fountains of Godfrey, built in 2006.

IPA represented the seller, a local investment group, which owned the facilities since construction. The buyer was an affiliate of Triloma Seniors Housing LLC.

“Given the long tenure of ownership and large number of individual investors, there was a significant amount of attachment and sentimental value associated with this portfolio,” said IPA’s Mike Surak. “Through our marketing efforts, IPA produced five offers and closed with an out-of-state buyer who is partnering with a local operator.”

Surak, Matt Andriano of Marcus & Millichap, and Mark Myers, IPA executive director, led the transaction.

Pictured: Fountains of Godfrey

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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