One of the biggest senior living operators in the U.S. acquired a 248-unit luxury high-rise in the Near North Side.
LCS bought the 53-story senior living property, which reportedly changed hands for $105 million, according to Crain’s. The sellers were Fundamental Advisors and Senior Care Development. LCS had a small stake in the Clare and has managed the property, which is located at 55 E. Pearson St., according to the report. The partners bought the building at a bankruptcy auction in 2012 for $53.5 million, Crain’s reported.
Eight years ago, the property was nearly two-thirds empty. Now, after improvements and price cuts to the units, the building is nearly fully occupied. Senior Care Development is retaining a minority interest in the property, which was built in 2008.
The senior living market is a strong one, supported by the influx of boomers entering retirement. Even universities have jumped in on the “silver tsunami” by adding senior living options to their campus communities.
[Crain’s] — Jacqueline Flynn