ST. CHARLES – Delnor Glen Senior Living, 975 N. Fifth Ave., St. Charles, was renamed River Glen of St. Charles after being sold to ROC Seniors Housing Fund Manager LLC of Salt Lake City, Utah.
The sale was official Dec. 16, according to an email from Northwestern Medicine Delnor Hospital spokesman Christopher King.
“We believe it was in the best interest for Delnor Glen and its residents to join ROC Seniors Housing Fund and Life Care Services,” King’s email stated. “While we will no longer own the facility, we look forward to meeting the health care needs of Delnor Glen residents in the future.”
Blake Peeper, chief acquisition officer for ROC Seniors, said the company owns many senior living communities, but Life Care Services operates them.
Peeper said ROC Seniors bought Delnor Glen through its relationship with Cadence Health and Northwestern Medicine.
“That is what our company does – we specialize in that,” Peeper said of the senior living centers. “We own senior communities all over the country. … Life Care Services is our operating partner and functionally, the property will continue to operate. We’re not changing any units or uses or anything like that. … We’re certainly excited about being a new owner there.”
Peeper would not say how much the company paid for Delnor Glen. Public records on property transfers do not yet show the sale.
According to its website, www.bridge-igp.com, Bridge-IGP began a family of funds, through its ROC Seniors Housing Manager LLC, to invest in senior housing and medical properties, as an "extraordinary investment opportunity."
“Its growth is driven by the powerful demographics of an aging population and increased incidences of Alzheimer’s/dementia-related diseases,” the website stated.
ROC Seniors Housing Fund Manager LLC owns 50 facilities operating more than 4,900 beds, either owned or under contract, as of June 30, 2015, according to the website.
“These facilities provide accommodations and extensive services to over 5,000 residents in our seniors housing communities and seek to enliven their lives through state-of-the-art dining, wellness, social and other programs,” the website states.
Bridge is a Securities and Exchange Commission-registered investment adviser with $6.7 billion in assets under management in 22 states, including 6,000 senior housing units, the website states.
According to an Illinois Department of Public Health database on assisted living establishments, the former Delnor Glen has 15 Alzheimer's residents among a total of 78 residents.
More information about River Glen of St. Charles is available by visiting riverglenstcharles.com.