Continuum Advisors, a national senior housing investment sales and advisory firm, is pleased to announce the sale of The Oaks at Bartlett, a premier 283-unit senior housing community about 35 miles northwest of downtown Chicago.
Built in 2007, The Oaks at Bartlett is a 37-acre interconnected campus offers residents 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 (60 beds).
Continuum Advisors was retained to run the marketing and sale efforts to solicit and identify prospective buyers. The community was sold through a court-supervised process with Michael F. 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 quickly turned the campus around to positive NOI. This improvement was essential in providing liquidity runway and maximizing value for all stakeholders in the sale.
“Under new ownership, this sale paves the way for long-term financial stability and new capital to be invested into the campus across common spaces as well as unit upgrades,” said David Kliewer.
“The sale structure was designed to achieve support from all key stakeholders with legal and cost efficiency in-mind, resulting in better than alternative outcomes for all stakeholders. To my knowledge, the sale of similar defaulted CCRC communities has not been done outside of very intensive and expensive bankruptcy cases. The Oaks sale sets the stage for effectuating these type of complex transactions more efficiently with more dollars effectively going to the stakeholders,” said Adrienne Walker, of Locke Lord LLP, counsel to the UMB Bank, N.A., as Bond Trustee and Master Trustee.
The deal comes off the heels of Continuum Advisors’ milestone closing of the largest senior living campus in Illinois, Friendship Village of Schaumburg, a CCRC in the suburbs of Chicago that sold in December 2023.
The founders of Continuum Advisors have closed more than 175 senior housing transactions over the span of their careers, with approximately $300 million currently under contract and expected to close in 2025.
Continuum Advisors is a premier brokerage and advisory firm dedicated exclusively to representing sellers of senior housing communities across the U.S. Based in Tampa, Florida, Continuum Advisors was co-founded by industry veterans David Kliewer and Jay Jordan, who previously co-headed senior housing investment sales at Truist’s Grandbridge Real Estate Capital and held senior roles at Cushman & Wakefield.
The firm delivers award-winning service and trusted expertise, serving a diverse range of clients including publicly traded and private institutional investors, operators, developers, and non-profits. Continuum Advisors also specializes in highly complex transactions, particularly in bankruptcy sales, receiverships, and other distressed situations, with more than $1.4 billion in distressed sales closed.
Since 2001, Continuum Advisors has closed on the sale of 200 independent living, assisted living, memory care, and Continuing Care Retirement Communities across 35 states, with an average transaction size of $40-$50 million.
