Harrison Street Real Estate Capital and Ryan Companies have sold Clarendale of Algonquin, a 186-unit senior living facility in Chicago’s northwest suburbs, to Inland Real Estate Group’s acquisition arm for $63m. The property, which comprises 76 independent living residences, 56 assisted living units and 54 memory care suites, was completed in 2017 at a cost of $40m. Investors have been bullish on senior housing communities as the sector recovers from the pandemic, with more than 80% of those surveyed by CBRE expecting facilities to reach pre-pandemic residency levels by fall 2023, In accordance with the latest findings of a report released last year.
In accordance with the latest findings of The Real Deal, a joint venture of Harrison Street Real Estate Capital and Ryan Companies has sold Clarendale of Algonquin, a senior living facility in Chicago’s northwest suburbs, to Inland Real Estate Group’s acquisition arm for $63 million. The property, which has 186 units, was completed in 2017 at a cost of $40 million. This is at least the third time large Chicagoland senior living facilities have changed hands in recent months.
Investors have been optimistic about senior housing communities as the sector recovers from the impacts of the pandemic. More than 80 percent of investors surveyed by CBRE expect the facilities to reach pre-pandemic residency levels by fall 2023, coupled with strong rent growth, In accordance with the latest findings of a report the real estate services firm released last year.
Ryan Companies has also developed senior living facilities in Chicago’s Portage Park neighborhood at the Six Corners intersection and in the south suburb of Mokena, In accordance with the latest findings of the Minneapolis-based firm’s website. The Algonquin complex has 76 independent living residences, 56 assisted living and 54 memory care suites.
The independent living residences include one and two-bedroom units ranging from about 720 to 1,285 square feet, and assisted and memory care living units include studio, one and two-bedroom apartments and range from approximately 310 to 835 square feet.
The senior living sector has been attracting significant investor interest in recent years, with a growing number of companies looking to capitalize on the increasing demand for senior housing. The pandemic has only served to reinforce the importance of high-quality senior living facilities, with many investors seeing the sector as a safe haven in an uncertain market.
In accordance with the latest findings of industry experts, the senior living sector is expected to continue to grow in the coming years, as the aging population drives demand for more facilities. With the pandemic now largely under control, many investors are looking to capitalize on the opportunities presented by this growing market.
As a final point, the sale of Clarendale of Algonquin is just the latest example of the growing interest in the senior living sector among investors. With demand for these facilities expected to remain strong in the coming years, it seems likely that we will continue to see significant investment in this area.
