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AcquisitionsCCRCIllinoisNews

Continuum Advisors Arranges Sale of Friendship Village of Schaumburg in Illinois

by Jeff Shaw

SCHAUMBURG, Ill. — Continuum Advisors has arranged the sale of Friendship Village of Schaumburg, the largest senior living campus in Illinois.  Spanning over 60 acres in the affluent Chicago suburb of Schaumburg, approximately 30 miles northwest of downtown Chicago, Friendship Village offers 818 units/beds across a full continuum of care. The property was sold through a court-directed bankruptcy process, with a cash purchase price of approximately $35.6 million, plus other cash contributions including to former residents. The community offers 512 independent living apartments, 28 garden homes, 85 assisted living units, …

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AcquisitionsIllinoisNewsSkilled Nursing

SLIB Negotiates Sale of 491-Bed Skilled Nursing Portfolio in Metro Chicago

by Jeff Shaw

CHICAGO — Senior Living Investment Brokerage (SLIB) has arranged the sale of three skilled nursing properties in metro Chicago totaling 491 beds. The communities are the premier nursing homes in the area and include CMS 5-Star ratings and JCAHO accreditation, according to SLIB. The seller was a privately owned, family-run company that was looking to exit the skilled nursing space. After COVID and the evolution of the industry it became clear to the seller that this portfolio would thrive better with a new owner that had more communities with more …

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Affordable HousingDevelopmentIllinoisNews

Evergreen Completes $31.5M Bellwood Senior Apartments Affordable Community in Metro Chicago

by Jeff Shaw

BELLWOOD, Ill. — Evergreen Real Estate Group has completed Bellwood Senior Apartments, an 80-unit affordable seniors housing community in Bellwood, a western suburb of Chicago. The $31.5 million project replaces a former Walgreens that had been vacant for nearly five years. The four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI).  Evergreen says the building is 40 percent leased and will reach full occupancy in the next few months. “The robust …

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IllinoisMissouriNewsOperationsSkilled Nursing

ESI Arranges Lease Transaction for a Midwest Skilled Nursing Portfolio

by Jeff Shaw

ILLINOIS and MISSOURI — Evans Senior Investments (ESI) has secured a tenant and executed a 10-year lease agreement for a large skilled nursing and supportive living portfolio spanning across Illinois and Missouri.  The portfolio comprises 13 communities located totaling over 1,600 licensed beds. The lease consisted of a ten-year term with a purchase option.  Evans Senior Investments selected a regional Midwest group as the tenant. Neither the tenant nor landlord were disclosed.

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AcquisitionsCompany NewsIllinoisMissouriNews

Lutheran Senior Services Agrees to Acquire St. Louis Home Health

by Jeff Shaw

ST. LOUIS — Lutheran Senior Services (LSS), a nonprofit provider of care, services and senior living for older adults in Missouri and Illinois, has agreed to acquire St. Louis Home Health (SLHH) for an undisclosed price. LSS, which already provides home health services among its offerings, cited the SLHH’s orthopedic expertise as a key reason for the acquisition, as well as its extended footprint in Illinois. The transaction is expected to close at the end of this month.

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AcquisitionsAffordable HousingIllinoisNews

Standard Communities Acquires 214-Unit Huntington Towers Affordable Community in Mount Prospect, Illinois

by Jeff Shaw

MOUNT PROSPECT, Ill. — Standard Communities has led a public-private partnership in acquiring Huntington Towers, an affordable seniors housing community in Mount Prospect, approximately 20 miles northwest of Chicago. The community totals 214 units, and the acquisition will preserve its affordability for 30 years. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million for planned renovations. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development. The property was originally built in 1978. Renovations at …

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IllinoisNewsOperationsPeople

Lifespace Communities Names Elijah Heyboer as Executive Director at GreenFields of Geneva 

by Jeff Shaw

GENEVA, Ill. — Lifespace Communities has promoted Elijah Heyboer to executive director at GreenFields of Geneva, a senior living community in Geneva, approximately 40 miles west of Chicago.  Heyboer originally joined Lifespace as administrator of the GreenFields’ health center in March before becoming interim executive director in September.  Prior to joining Lifespace, Heyboer served as human resources director at Park Place of Elmhurst, a Providence Life Services senior living community, before becoming healthcare administrator, where he oversaw subacute rehab, long-term care, assisted living and memory care.  Heyboer earned a bachelor’s …

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DevelopmentIllinoisIndependent LivingNews

Covenant Breaks Ground on $66.5M Expansion Project in Northbrook, Illinois

by Jeff Shaw

NORTHBROOK, Ill. — Covenant Living Communities and Services has broken ground on an expansion project at Covenant Living of Northbrook in Northbrook, a suburb north of Chicago. The $66.5 million expansion includes three new three-story carriage homes. This will add 36 new one- and two-bedroom apartments, each with a large patio or balcony and private garage. The overall project also includes a reimagined town center, adding another 9,000 square feet with upgraded dining venues — both indoors and outdoors. The outdoor spaces will incorporate a fit pit. The development team …

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AcquisitionsIllinoisMemory CareNews

OneLife Senior Living Acquires 70-Unit Memory Care Property in Suburban Chicago

by Jeff Shaw

VERNON HILLS, Ill. — OneLife Senior Living has acquired the former Springs of Vernon Hills Alzheimer’s Special Care Center in the Chicago suburb of Vernon Hills.  The firm has since rebranded the 70-unit property as The Laurel at Vernon Hills. OneLife retained all 59 staff members, and reviewed and updated benefits, wages and best practices for staffing. OneLife reduced temporary agency staff and increased permanent team members.  The Laurel at Vernon Hills provides memory care services for people with Alzheimer’s and other forms of dementia.

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Affordable HousingDevelopmentIllinoisNews

NHP Foundation Completes Renovation of 57-Unit Affordable Property in Chicago

by Jeff Shaw

CHICAGO — The NHP Foundation (NHPF) has completed a major renovation of the Edwin C. Berry Manor Apartments in Chicago. The Section 8 seniors housing property is located at 737 E. 69th St. The rehabilitation project was made possible by a financial partnership between HUD, Merchants Capital, Illinois Housing Development Authority, National Affordable Housing Trust and UnitedHealth Group.  The 57-unit community, built in 1991, marks the fourth property that NHPF has acquired or built in Chicago in the last five years and the first specifically for seniors. The units are …

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