Evans Senior Investments Sells Ohio Assisted Living Facility

Evans Senior Investments (ESI) is excited to announce the sale of The Residence of Chardon, an Assisted Living Facility located in Chardon, Ohio which is approximately 40 miles northeast of Cleveland, Ohio.

This 42 unit Assisted Living Facility was built in 2000 and sits on 5.67 acres of land in Geauga County. At the time of the sale they were 100% occupied and their rents ranged from $3,600 – $4,200. The buyer was a regional operator that utilized funds from a 1031 exchange for the equity and Citizens Bank for the debt. “Without the assistance of Evans Senior Investments – I could not have completed this unique transaction; Jason Stroiman is a trustworthy, dependable, and intelligent broker that provides unmatched value to his clients.” Anne-Marie Van der Velde, “This is my second transaction that I’ve completed with Evans Senior Investments in 2011.”

Residence of Chardon was a stabilized asset but the buyer believes there are expense savings with reducing labor costs and other economies of scale. In addition, there is extra land to expand the facility by 35 units, the owner intends on breaking ground next spring. Jason Stroiman of Evans Senior Investments handled the transaction.

Evans Senior Investments Announces Expansion and Appoints Managing Partner

CHICAGO (May 2011) --- Evans Senior Investments (ESI) is excited to announce today the appointment of Jeremy Stroiman as Managing Partner. Jeremy will lead the ESI office located in Boulder, Colorado.

ESI, a real estate firm with headquarters out of Chicago, Illinois, specializes in selling senior housing and long-term care communities across the country. ESI prides itself on customizing and delivering value to each investment opportunity.

As Managing Partner and leader of the Evans Senior Investments’ Boulder, Colorado office, Jeremy Stroiman brings a track record of sales and marketing success to the ESI team. In his new role, Jeremy will leverage his experience and relationships to expand ESI’s presence across the nation. Prior to ESI, Jeremy spent numerous years at Covidien, a publically traded company and a medical device industry leader, as the US Director of Sales Operations.

“We are thrilled to welcome Jeremy to the ESI team. With his extensive sales and marketing leadership experience, I am confident that he will continue to ensure ESI’s proven commitment to provide significant value and responsibility to our clients,” says Jason Stroiman, President and Founder of ESI. “Furthermore, as identical twin brothers and business partners, we are excited to continue growing ESI’s footprint across the country and our goal of being the nation’s leading seniors housing brokerage firm.”

ESI’s most recent closing was Springfield Place & J.F. Hawkins, a CCRC located in Newberry, South Carolina. The buildings were owned by the county and located just blocks from each other. The sale price was $11,300,000 or $51,131 per bed/unit at a capitalization rate of 8.2%. In the last 90 days, ESI has closed over $25,000,000 in seniors housing transactions and has put two additional communities under contract that will close in the 2^nd quarter.

Interviews, comments and photos available upon request.

National Real Estate Investor

Evans Senior Investments was featured in National Real Estate Investor (NREI) for completing a County-Owned transaction. Visit (NREI) to view their article, "Cash-Strapped Counties Increasingly Look to Sell Government-Owned Seniors Housing Facilities"

What is Your Exit Strategy?

Evans Senior Investments has had an extremely busy 1st Quarter and traveled to 16 states. One of their stops was New Orleans, Louisiana for the 2011 AHCA Independent Owner Conference where Jason Stroiman spoke on, "What is Your Exit Strategy?" Click below to view excerpts from his presentation:

2011 AHCA Conference: What is Your Exit Strategy? from Evans Senior Investments on Vimeo.

South Carolina CCRC Sold

Evans Senior Investments (ESI) is pleased to announce today the sale of Springfield Place and J.F. Hawkins, a CCRC located in Newberry, South Carolina.

The facilities were owned by Newberry County and located just blocks from each other. J.F. Hawkins is a Skilled Nursing Facility containing 52 Units and 98 Beds, while Springfield Place is a Senior Housing Community containing Independent Living, Assisted Living, Skilled Nursing and Alzheimer’s care.

“The county was extremely apprehensive about the sale, and was concerned about finding the ‘right buyer’ to take over the facilities. While maximizing the price is always our first priority, it was equally important to find a buyer that would be a good fit for the local community,” said Jason Stroiman, President of Evans Senior Investments.

Evans Senior Investments was able to bring Class-A buyers to the table who were capable of handling the transaction confidentially. The financial history of these facilities made it very difficult to finance in today’s capital markets, so it was necessary to find buyers that had the financial wherewithal to fund a turnaround transaction. The facility sold at $11,300,000 or $51,131 per unit at an 8.2% Capitalization Rate.