Continuum Advisors Brokers $42M Sale of Seniors Housing Community in Suburban Chicago

CHICAGO — Continuum Advisors has brokered the sale of The Oaks at Bartlett in the northwest Chicago suburb of Bartlett for $42 million. Built in 2007, the 283-unit seniors housing community offers a full continuum of care with 10 cottages, 154 independent living apartments, 49 assisted living units, 16 memory care units and 54 skilled nursing units. The property sold through a court-supervised process with Michael Flanagan of Flanagan & Associates LLC serving as the receiver. After the community defaulted on its bond obligations, Minneapolis-based Certus Living was brought in to operate and turn around the campus to positive NOI. David Kliewer and Jay Jordan of Continuum Advisors brokered the transaction and led an extensive marketing campaign to identify a stalking horse bidder followed by a court-supervised overbid process A national institutional investor was the buyer.