Marcus & Millichap Sells a 91-Unit Assisted Living Facility in Ohio

Jan. 21, 2010 - PRLog -- LAKEWOOD, OH,  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Northwesterly Assisted Living Community, a 54,600-Square Foot Seniors Housing property located in Lakewood, Ohio, according to John Przybyla, Vice President/Regional Manager of the firm’s Chicago Downtown office. The asset commanded a sales price of $3,100,000.
Jacob Gehl, an investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, Sunwest Management.  The assets of Sunwest Management have been seized by he Securities and Exchange Commission and under currently under the supervision of Special Receiver.  Sunwest Management’s CEO is accused of defrauding their investors out of tens of millions of dollars.  Marcus & Millichap has been appointed by the SEC to assist in divesting assets as part of a larger strategy of recovering value for the harmed equity investors.  The buyer, an LLC owned by private high net-worth family, was also secured and represented by Jacob Gehl.  Michael Glass, Broker, assisted in closing this transaction.
Northwesterly Assisted Living Community is located at 1341 Marlowe Avenue in Lakewood, Ohio (suburban Cleveland). Northwesterly was built in 1988 and is a total of 77,024 square feet with a livable square footage of 54,600.  The facility is one, eight-story building, with 91 units. Typical units include full bathrooms nicely tiled, plush light colored carpeting, and spacious, well-lit living areas. The common areas include a kitchen and dining room, a chapel, a library, a recreation room, and a spa and beauty shop.
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With more than 1,300 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 3,756 transactions in 2008, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

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Since 1991 The National Senior Housing Group has focused on facilitating senior housing transactions. Our expertise and extensive industry knowledge, coupled with long term client relationships allows us to maximize value on behalf of our clients.