Traditions at Reagan Park & Traditions at Solana
Advisory - $44.8M
Greystone closed the $44,750,000 sale of a two-property seniors housing portfolio in Indiana. Leo Brown Group sold the seniors housing properties to an undisclosed private equity investment fund on December 9, 2015.
Traditions at Reagan Park and Traditions at Solana are both newly-constructed independent, assisted, and memory care communities with 81 units and 105 units, respectively. The properties boast an abundance of amenities including restaurant-style dining; a beauty salon; a chapel; laundry facilities; 24-hour nursing services; a theater; a fitness center and walking paths with views. Located in the Indianapolis metropolitan area, the properties are also well-situated and close to neighboring hospitals, physician offices and pharmacies, as well as cultural and entertainment destinations.
“Traditions at Reagan Park and Traditions at Solana offer the seniors’ population in Indianapolis a wide range of cohesive lifestyle options that promote living independence – a current selling point trend in the market,” said Cody Tremper, a Managing Director of Greystone Real Estate Advisors, who led the sale of the portfolio.
Tom Smith of Leo Brown Group said, “The superb location and unique amenities were just some of the major factors that lent to the buyer appeal of these properties. The expeditious follow through on Greystone’s end to ensure that our goals were met in marketing and selling a first-rate portfolio were critical components to the transaction. We are especially satisfied with the fact that our company Traditions Management will continue managing Reagan Park and Solana, which ensures a seamless transition for our valued residents at each community.”