OAK BROOK, IL - Cerulean Partners, LLC (“Cerulean”) today announced the acquisition of The Atrium of Belleville, a 76-unit senior living community located in Belleville, Illinois, 30 minutes from downtown Saint Louis. The acquisition by Cerulean and its strategic partner, an entity associated with The Inland Real Estate Group of Companies, Inc., is a first for the two real estate investors in the high-growth senior living sector.
The Atrium of Belleville, formerly known as Grand Court, was previously owned and operated by Brookdale Senior Living, Inc. (NYSE:BKD), the nation’s largest owner and operator of senior living communities. The property is a full-service independent living community that provides its residents with food service, housekeeping, transportation and activities. It also offers personal care and home health services to residents. Cerulean intends to invest $1.5 million to improve the property for its residents and families while adding value for investors.
Cerulean Partners, a Chicago-based venture capital backed real estate investment firm, and its principals Rick Shamberg and Kerry Haskins, are focused on acquiring and re-developing underperforming senior housing assets across the country. Cerulean was formed to capitalize on the compelling demographic trends and historic buying opportunities posed by the aging of America.
“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 Shamberg. “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 – not only to our investors and residents of the community, but to Belleville itself, Working together with our strategic partner, we have an outstanding opportunity to take all the great things that Brookdale accomplished here in Belleville and build an even better senior living community.”
The Inland Real Estate Group of Companies, Inc. (“Inland”) is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by subsidiaries of Inland Real Estate Investment Corporation. Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners in North America (Retail Traffic, March/April 2011) and one of the top managers of retail property in the United States (Retail Traffic, March/April 2011). As of July 30, 2011, Inland-sponsored companies owned and managed in total over 129.3 million square feet of diversified commercial real estate in 48 states, as well as managed assets in excess of $25.4 billion.