Two Senior Housing Communities Sell for $7.5 Million in Franklin Park, Wexford

Concordia Lutheran Ministries has purchased two senior citizens housing communities for a combined sales price of $7.85 million, according to a news release.

Marcus & Millichap Real Estate Investment Services, a real estate investment firm, sold the Pristine Pines in Franklin Park, a 56-unit, 55,440-square-foot senior citizens housing community. Included in the sale were several adjacent acres where Concordia is planning a large expansion.

Concordia also purchased , a 28-unit, 56-bed licensed personal-care community.

Concordia, based in Cabot, closed the deal in cash with the seller, a large private equity fund with offices in New York and Dallas, according to the news release.

Benjamin Firestone and Jacob Gehl, investment specialists in Marcus & Millichap’s Chicago downtown office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The buyer, a private investor, was secured and represented by Jacob Gehland Benjamin Firestone, investment specialists in Marcus & Millichap’s Chicago downtown office. Spencer Yablon, the broker of record in Pennsylvania, assisted in closing the transaction.

“This transaction was a win-win for everyone involved,” said Gehl, a vice president at Marcus & Millichap. “

"Our sellers were able to realize a very attractive return for their fund investors, and the buyer saw the long-term value in stabilizing and expanding the operations. Everyone involved in the sale benefited including the residents and the staff.” he said.

“Concordia is a terrific operator with a great reputation, and they will do great with these communities.”