Hilco Real Estate, LLC announces November 14, 2019 as the court-ordered sealed bid deadline for Pleasant Hill Village, a 48-room assisted and independent living facility in Girard, Ill.
The property is comprised of 48 living units set over two buildings, averaging 735 square feet per room. Currently operating at 60% occupancy, the facility is licensed for 25 assisted living residents and includes such amenities as a commercial kitchen, 21-stall garage, leased beauty shop, walking trails, and stocked fishing pond with 20 acres of leased farmland. Included in the sale is a 98-bed former nursing care facility as well.
In 2018, the 50-room former nursing care facility shut its doors due, in large part, to delinquent Medicaid payments from the State of Illinois. The east wing of the facility was built in 2002 with 24 rooms and currently accommodates assisted living residents, while the west wing was built in 2005 with 24 additional rooms and currently accommodates independent living residents. The property offers a good mix of one and two-bedroom units that contain well-furnished kitchens, in-unit washers and dryers, and sweeping country views from every window.
Girard is well located approximately 30 miles south of Springfield, Illinois, and 75 miles north of St. Louis, Missouri. The property also sits less than one mile from IL-4 and seven miles from I-55, making it easily accessible from major transportation routes.
Demographic trends tied to the aging “baby boomer” population have contributed greatly to the demand for senior housing and care options throughout the country. Numbering some 73 million, the baby boomers constitute the largest generation in American history, the first of which turned 65 in 2011. According to the Marcus & Millichap Second Half 2019 Seniors Housing Research Report, over the next five years, the U.S. population of those 75 and older will grow by 5 million, a 22 percent increase, a much more rapid expansion than the 2.8 million people age 75 or older added over the previous five years. This massive demographic shift, coupled with the rise in medical services the aging population could require, ensures broad-based demand across all forms of seniors housing for this sizeable portion of the population. The report further states that by 2027, healthcare spending will account for nearly 20 percent of the overall GDP, driven in large part by the boomer generation.
According to the U.S. Department of Human Services, at least 70% of the population 65 or older will require some type of long-term care, with an estimated 40%+ needing skilled nursing services. The American Society of Aging concurs, indicating that after 65, the average American has more than a 70% chance of requiring help with activities of daily living. As such, gains in occupancy levels are anticipated in the near-term for this offering.
Jeff Azuse, Senior Vice President with Hilco Real Estate, said, “The sale represents a great opportunity to acquire a turnkey facility at a great price with all the necessary infrastructure and staff already in place – the ability to begin operating from day one.”
Azuse continued, “Pleasant Hill Village is a special place, and we are confident the right operator can unlock the true potential of this property as a strong, income-generating investment, while continuing the rich, century-long legacy of caring and service the residents of this community have come to know and love.”
The Bid Deadline is scheduled for Tuesday, November 14, 2019. Bids must be delivered to the offices of Hilco Real Estate on or before 5 p.m. (CT) on the day of the deadline to be considered. Interested buyers should review the detailed bid procedures for requirements in order to participate in the sale process available on Hilco’s website.
For more information regarding site viewings, please contact Jake Soyka at (847) 504-3224 or jsoyka@hilcoglobal.com. Interested buyers can submit their bids via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, or via email to jsoyka@hilcoglobal.com.
For further information on the property, an explanation of the sale process, sale terms or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
For more information about this or other properties available for sale, please visit HilcoRealEstate.com.