Algonquin Senior Complex Purchased by Inland for $63M
April 11, 2023 | Madeline Beaumont | BollyInside.com
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.
