Senior Housing: Marcus & Millichap Handles Bankruptcy Sale of Assisted Living Facility in Jackson Hole, WY

JACKSON HOLE, Wyo.–(BUSINESS WIRE)–Jacob Gehl and Benjamin Firestone of Marcus & Millichap’s Chicago Downtown Senior Housing Group have successfully completed the sale of River Rock Lodge, a 58-unit Alzheimer’s and Assisted Living Facility in the affluent resort town of Jackson Hole, Wyoming. The asset sold for a price of $3,000,000 or $51,724 per unit. The seller was Salem, Oregon based Sunwest Management. Sunwest is currently operating under a federal receivership, and the property was sold via a 363 auction.

“Purchasing this facility has allowed us to expand our holding company”

The buyer was Wichita, Kansas based construction and holding company Oxford Development Holdings. Oxford currently owns one other senior housing community, The Reserve at Hamilton Estates in the Wichita suburb of Derby, Kansas. Oxford Development Holdings is controlled by Mr. Eric Legleiter.

“Once again we are pleased with the outcome of this sale,” said Mr. Gehl. “The Sunwest bankruptcy sales process has been a challenge, and this is another piece of the puzzle solved. Along with the typical challenges associated with any 363 sale this transaction was further complicated by the fact that Sunwest defaulted on their first mortgage which was owned by HUD, and the debt level exceeded the buyer’s purchase price.”

“Purchasing this facility has allowed us to expand our holding company,” said Mr. Legleiter. “We look forward to bringing operational efficiencies to this facility, as well as expanding and improving upon the already exceptional care. The residents are our number one priority and we strive to give them the best care possible.”

River Rock Lodge is located on 3000 Big Trail Drive, and is a two story wood and stone building. This transaction was coordinated under the supervision of Marcus & Millichap’s Wisconsin Broker of Record Mr. Richard Bird.

The Gehl & Firestone Group of Marcus & Millichap is a team of real estate investment professionals focused on senior housing properties throughout the country with an emphasis on exclusive seller representation. We provide our clients with direct access to the largest pool of qualified institutional and private investors. With more than $800 million dollars in investment transactions completed, our group continues to exceed clients’ expectations and deliver the consistent results that have made us an industry leader.

Contacts

Marcus & Millichap
Katie Stawarz, 312-327-5408
Marketing Coordinator
kstawarz@marcusmillichap.com

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