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Tinley Park senior housing complex sells for $29M amid surge in inventory
Chicago-based Focus Healthcare Partners, which sold the 150-unit Hanover Place Apartments, had paid $19M in late 2014
UPDATED, Jan. 30, 11:48 a.m.: A real estate investment company that focuses on multifamily properties acquired a 150-unit senior living apartment complex in Tinley Park.
Livingston Street Capital paid $29 million for Hanover Place Apartments, located at 16851 South Harlem Avenue, property records show. The Pennsylvania-based firm financed its purchase with a $16.6 million loan from Societe Generale.
The seller, Chicago-based Focus Healthcare Partners, acquired the complex for $19 million in late 2013. The recent sale represented a 35-percent over the price Focus paid.
The complex has one- and two-bedroom apartments, that range in price from $1,900 to $2,300, according to Apartments.com.
The sale comes amid a recent industry-wide surge of new senior housing inventory, which has caused occupancy rates to drop to 88 percent.
Livingston Street and Focus Healthcare did not respond to requests for comment.
Livingston Street invests in senior housing across the country and has owned or held interest in two other senior living complexes in the Chicago area. It has completed $1.1 billion in acquisitions and has a portfolio in 18 markets throughout the U.S., according to its website.
Correction: A previous version of this article provided an incorrect unit count for Hanover Place Apartments.