Cerulean Partners announced the acquisition of The Atrium of Belleville, a 76-unit private pay independent senior living community located in Belleville, Il.
The acquisition by Cerulean and its strategic partner, an entity associated with The Inland Real Estate Group of Companies, Inc., is a first for both firms.
Previously owned and operated by Brookdale Senior Living (NYSE:BKD) under the name Grand Court, Cerculean said it plans to invest $1.5 million to improve the property for residents and add value for investors. Based in Chicago, Cerulean is a venture capital backed investment firm focused on acquiring and re-developing underperforming senior housing assets across the country.
“Through our shared expertise and resources, along with those of our operating partner, Arrow Senior Living, we expect to create what will be the premier senior living community in the east metro area of St. Louis and all of southern Illinois,” said Rick Shamberg, principal of Cerulean. “When you combine the demographics of our country’s population with growing optimism about the economy, there’s no question that this deal will bring value.”
During an interview with SHN, Shamberg said the company is looking to invest an undisclosed amount of money over the next five years.
“Our objective is to build a portfolio of properties that approaches $75 to $100 million,” he said. “This is the first in what we hope will be 10 transactions.”
Terms of the deal were not disclosed.
Written by John Yedinak