Transactions


Autumn Leaves of Oswego – Memory Care Facility
This project is the development of a 46-bed Alzheimer’s facility located in Oswego, IL. The property is located on the southeast corner of Douglas Road and Barnaby Drive. Located 50 miles southwest of Chicago, Oswego is well situated at the southern end of the Fox River Valley in Kendall County, Illinois. Kendall County, according to a U.S. census report was the fastest growing county in the nation between 2000 and 2007. During this time period, the population increased by 42,000 people according to an article written on March 20, 2008 for the Chicago Tribune. Oswego is located in the northeast portion of Kendall County, in close proximity to other major suburban cities such as Bolingbrook, Plainfield, Aurora, and Naperville. The current population of Oswego is just over 31,000, which has increased by 136% since 2000. The median income is just under $82,000 per year and the median home sale price is $280,000.

This project was begun in October of 2011, and is currently in development. LaSalle believes they will produce a 15% - 20% IRR for the investors in this property.

We were attracted to this project due to the strong track record of our partner, The Lasalle Group. LaSalle develops, builds and manages specialized assisted living facilities for people with Alzheimer’s disease and other forms of memory impairment, and is solely focused on this niche. LaSalle’s track record has provided for consistent success with Alzheimer’s properties, maintaining occupancy levels close to 90 percent for all stabilized properties. LaSalle believes they will produce a 15%-20% IRR for the investors in this property.

This, the ninth memory care facility investment sponsored by Silverado, is being developed in a highly favorable supply/demand market. Specific to this project, Oswego had an actual supply of 107 beds with a total projected need by LaSalle of 625 beds. This translated to the market being underserved by almost a six to one ratio and provided for an excellent investment opportunity. We believe, based upon LaSalle’s projections that the opportunity to invest with a proven development partner, with whom we have had success in the past, in a market that is underserved provides the opportunity to create a successful investment opportunity for our investors.