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May 8, 2024

Sale of Novellus Cherry Creek

ESI sold Novellus Cherry Creek, an assisted living community in Denver, Colorado. ESI represented Novellus Living in the transaction.


Originally built in 2002, Novellus Cherry Creek comprises 66 assisted living units and operates on a 59% private pay basis. The community faced occupancy challenges, with only 36% of its units occupied at the time of marketing. This operational hurdle alongside negative cash flows, emphasized the need for strategic redirection. In alignment with its broader portfolio strategy, Novellus Living opted to divest its Colorado asset, focusing efforts on their thriving California and Arizona portfolios.

Having previously facilitated the sale of Novellus Cherry Creek less than two years ago, ESI brought a deep understanding of the property’s characteristics and market dynamics to the current transaction. Leveraging their network, ESI conducted a confidential marketing process, targeting a select group of seniors housing buyers who recognized the potential of the property. Peaks Healthcare was ultimately selected as the buyer.  The transaction closed within 130 days of hitting the market. 

“Reflecting on our prior sale, we capitalized on our experience to ensure Novellus Living’s objectives and the expectations of prospective buyers were aligned. This allowed us to navigate the transaction smoothly, creating a mutually beneficial outcome for all parties involved.” commented Brendan Desilvia, Director of M&A at Evans Senior Investments.

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