CHICAGO-Cerulean Partners, LLC, a real estate investment firm in suburban Chicago, revealed on Monday that it had acquired Destinations at Eastern, a 116-unit independent senior-living community in Las Vegas. Cerulean and its management partner, Missouri-based Arrow Senior Living, will rebrand the property as The Echelon, invest up to $500,000 in capital improvements and attempt to boost occupancy and net income over the next few years.
It's yet another sign that the Las Vegas market, perhaps the hardest hit by the burst housing bubble, is slowly making its way back to something resembling health. Last month, Trulia released findings that showed asking home prices in the desert city had increased 16.3% during 2012, a huge improvement over 2011's steep decline.
“We think the basis, low leverage, and upside for The Echelon coupled with a rebounding Vegas economy will prove rewarding for our investors,” says Kerry Haskins, managing partner of Cerulean. The firm was joined on this acquisition by California investment funds Real Estate Special Opportunity Portfolio and Real Estate Portfolio Management.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
