News Nearby: Two Housing Communities Sell for $7.5 Million

Concordia Lutheran Ministries has purchased two senior 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 housing community, for about $6.8 million. Included in the sale were several adjacent acres where Concordia is planning a large expansion.

, a 28-unit, 56-bed licensed personal care community, sold for about $1.05 million.

Concordia Lutheran Ministries, based in Cabot, PA, closed the deal in all 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 Gehl and Benjamin Firestone, investment specialists in Marcus & Millichap’s Chicago downtown office. Spencer Yablon, the Broker of Record in PA, assisted in closing the transaction.

“This transaction was a win-win for everyone involved,” said Gehl, a first 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.”

This article originally appeared on Pine-Richland Patch.