Upon taking ownership, Citrine implemented a shift in the independent living model, moving townhomes from a traditional entrance-fee structure to a market-rate rental system. This transition was paired with physical upgrades, including new flooring and common area renovations, alongside targeted operational improvements. These changes were designed to bolster occupancy rates and refine the community’s efficiency ahead of the exit.
Citrine Investment Group Offloads River Glen Senior Community
A three-year turnaround effort in St. Charles, Illinois, reached its conclusion this week as Citrine Investment Group finalized the sale of River Glen of St. Charles. The 106-unit facility, which offers assisted living, memory care, and independent living, was acquired by the firm in January 2023.
Founder and President Lynn Jerath noted that the success of the project relied on the firm’s commitment to the transition process while prioritizing the daily needs of residents and staff. The sale to a long-term institutional owner aligns with Citrine’s broader strategy of acquiring distressed or undercapitalized healthcare assets and repositioning them through active management. This transaction marks another chapter in the platform’s ongoing efforts to modernize senior housing portfolios across the United States.
Comments (0)
No comments yet. Be the first!