INDIANAPOLIS-BAI of Indiana has closed on the sale of three seniors housing properties in this state to Five Star Quality Care Inc., based in Newton, MA. The properties, located here, in Kokomo and in Ft. Wayne, were sold for $52 million.
The sites had been operating under the American Senior Communities name, but will now change to the Five Star brand. The sale was the completion of a $123 million, six-property portfolio deal in Indiana by BAI to Five Star announced in May. Three other sites sold in August, including Riverwalk Village in Noblesville, IN, and these three properties were the last to close.
The sites include the 122-unit Forest Creek Commons here, located along US Highway 31 on the south side of the city. The property, built in 1995, serves St. Francis Hospital’s Indianapolis campuses and Community Hospital South.
North Woods Commons is a single-story apartment building on the northwest side of Kokomo, next to the Howard Regional Health Specialty Hospital and within a half mile of the St. Joseph Hospital campus. The complex was built in 1997.
Covington Commons is also a single-story apartment building on the southwest side of Fort Wayne, near the new Lutheran Hospital campus. The 12-acre campus serves the south and west sides of the city.
The properties all include amenities such as restaurant-style all day meal service, transportation, housekeeping, activities and common areas. The sites are not for full-time skilled nursing care, but for seniors who may require assistance in some daily activities.
Mark Myers and Joshua Jandris with the Chicago offices of Marcus & Millichap represented the seller in the deal, with assistance from Christopher Hyldahl from the company’s West Los Angeles office. Myers said in a statement that each property is more than 90% occupied.
The seller is a private, family-owned investment partnership. Senior Housing Properties Trust assisted the buyer in financing the properties.
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