LAKE BLUFF, Ill. — Town Lane and seniors housing platform Arcole have acquired The Sheridan at Green Oaks in Lake Bluff, roughly 35 miles outside downtown Chicago.
Town Lane and Kelly Sheehy, who serves as managing partner of the platform, launched Arcole late last year. This marks the fifth senior living investment for Town Lane’s inaugural $1.3 billion real estate fund.
Totaling 198 independent living, assisted living and memory care units, The Sheridan at Green Oaks was built in 2016. The community encompasses more than 220,000 square feet on a 17-acre site.
Solera will operate the property, which will be rebranded as Modena Green Oaks, on behalf of the new ownership.
“We are excited to add Sheridan at Green Oaks to our growing senior housing portfolio under Arcole,” says Tyler Henritze, managing partner at Town Lane. “Lake Bluff, along with much of the U.S., continues to show strong demographic and demand fundamentals, and we remain focused on acquiring full-continuum, modern assets that are supported by these tailwinds.”