Continuum Advisors Closes Senior Living Community in Cleveland
The Weils is a 120-unit assisted living, memory care and skilled nursing community located in Chagrin Falls, Ohio, an eastern suburb of Cleveland.
January 2024
Continuum Advisors has arranged for the sale of The Weils, a 120-unit assisted living, memory care and skilled nursing community located in Chagrin Falls, Ohio, an eastern suburb of Cleveland. Built in phases between 2002 and 2015, the community consists of 75 assisted living units, 18 memory care units and 27 skilled nursing units (29 SNF beds). The community sits on an expansive 45+ acre site and includes excess acreage for future expansion. Through the marketing of the campus for sale, the community had occupancy in the mid-80s with upward momentum and strong in-place rates.
Cleveland-area based non-profit Eliza Jennings emerged as the acquirer of the community which has been rebranded as Eliza at Chagrin Falls, bringing their portfolio to a total of four campuses in Westlake, Olmstead Township, Cleveland and now Chagrin Falls. Eliza Jennings CEO, Rich Boyson, stated “we’ve been around for 130+ years and been strategically planning to expand our footprint. Expanding into the east side of Cleveland has long been a strategy; we were just looking for the right opportunity and the right provider to do a deal with.”
The Continuum Advisors team led by Jay Jordan and Dave Kliewer represented the Cleveland-based non-profit Menorah Park and their financial advisor SOLIC Capital Advisors in the sale of The Weils. Menorah Park took ownership of The Weils following their 2020 affiliation with another Cleveland-based non-profit, Montefiore, who had originally developed, owned and operated The Weils campus. Menorah Park Board Chair, Harry Singer, noted “as a longstanding area non-profit, it was paramount for us to ensure a long-term and sustainable future for the campus and its residents and employees alike. We’re thrilled for what Eliza brings to the future of this campus.”
“This was really a great outcome for everyone as the community fit perfectly with Eliza’s strategic growth plan and allowed for Menorah Park to exercise on their broader strategic plans which included a sale of The Weils.”
Jay Jordan, Co-Founder of Continuum Advisors