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Chicago & Midwest  + Greater Chicagoland  + Senior Housing  |  March 21, 2019
Paul Bubny
By: Paul Bubny

IPA Brokers Sale of SNF in Palos Heights

Institutional Property Advisors (IPA) a division of Marcus & Millichap , has finalized the sale of a 97-unit, 193-bed skilled nursing facility in Palos Heights, IL. Deal terms were not disclosed.

“Previously owned by a non-profit, the facility annually serves more than 50 Medicare A residents and has a longstanding track record of providing exemplary care in the community,” said Mark Myers, IPA executive managing director.

“We achieved a low capitalization rate and high price per bed by identifying a purchaser who values the facility’s exceptional Medicare mix, and looks to continue providing the same degree of care,” he added.

Myers, along with Josh Jandris, IPA senior managing director, and Charles Hilding, IPA director, represented seller Providence Life Services, and procured the buyer, an affiliate of Altitude Investments.

Constructed in 1959 and 1967, Providence Healthcare and Rehabilitation Center of Palos Heights is 27 miles from downtown Chicago.

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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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