Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Northshore Heights LLC, formerly Northshore Senior Living, a 69-unit assisted living and memory care facility in Knoxville, Tennessee. IPA represented the seller, a regional developer who opened the Class A facility in 2017. The buyer is Hamister Real Estate Equity Fund III, LP, a private real estate fund sponsored by Hamister Group LLC.
“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.
About Institutional Property Advisors
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.