Marcus & Millichap Announces Sale Of Former Sunwest Assisted Living Facility in Maryland

Marcus & Millichap Real Estate Investment Services recently announced the sale of Tudor Heights, a 64-unit assisted living facility in the Baltimore suburb of Pikesville, Maryland. The 39,000 square foot facility had an occupancy of 60% at the time of closing.  The buyer was Walton Street Capital, L.L.C., a private equity real estate investment firm based in Chicago. Walton Street formed a joint venture with a Senior Lifestyle Corporation, also from Chicago, who will manage the facility for the group. The seller was an entity affiliated with Sunwest Management, Inc. The lender, DNB National Bank from South Dakota, foreclosed on the property after it was released from the receivership allowing the title to the property to transfer back to the lender.  The purchase price was not disclosed.