“At the time IPA was engaged, the property had not yet hit 70 percent occupancy,” said IPA senior director Josh Jandris. “Through its marketing efforts, IPA produced five offers, ultimately closing with an out-of-state buyer with over 40 years of experience in the senior living industry.”
Jandris and IPA’s Mike Surak led the transaction. Jody McKibben, vice president and regional manager of Marcus & Millichap’s Nashville office is the firm’s broker of record in Tennessee. “The buyer will utilize their operating expertise, and prior successes in stabilizing similar assets to enhance performance at the property,” noted Surak.
Located on seven park-like acres, Northshore Heights has large private and companion-style suites, customized personal care assistance, restaurant-style home-cooked meals, housekeeping/personal laundry service, an on-site beauty and barber salon, and wellness programs, among many other amenities. The facility prioritizes using eco-friendly features such as LED lighting, water-saving fixtures, low-maintenance cement fiber siding, and a super-efficient HVAC system.