Town Lane Acquires Seniors Housing Property in Suburban Chicago
Town Lane, in conjunction with Arcole, its senior housing platform, has acquired The Sheridan at Green Oaks, a 198-unit independent living, assisted living, and memory care community in Lake Bluff, Illinois.
The community, which will be re-branded Modena Green Oaks post-acquisition, is situated along Waukegan Road in Lake County, just east of Interstate 94, the main route to downtown Chicago, less than three miles from downtown Lake Bluff, offering proximity to healthcare options, premier golf and country clubs and only five miles from Advocate Condell Medical Center.
The transaction represents Town Lane’s fifth senior housing investment in its inaugural $1.25 billion real estate fund in partnership with Arcole. Solera, an experienced senior housing operator will manage the property post-acquisition. Built in 2016, the community encompasses more than 220,000 square feet on a 17-acre site in Chicago’s North Shore suburban market.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout