$4.5 Million Retirement Community Changes Hands in Ohio
March 18, 2016
CINCINNATI, March 18, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Scarlet Oaks, a 183-unit continuing care retirement community in Cincinnati. The $4.5 million sales price equates to nearly $25,000 per unit.
Mark Myers, senior vice president investments and Joshua Jandris, vice president investments, along with associates Ryan Fleming, Peyton Stanforth and Charles Hilding, all in Marcus & Millichap’s Chicago O’Hare office, handled the sale. The seller is a private national owner/operator. The buyer is an East Coast-based private owner/operator. Michael Glass, first vice president, is Marcus & Millichap’s broker of record in Ohio.
The facility was built in 1941.