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| The Clare was developed in 2008, and is a ±700,000-SF, 53-story, high-rise condominium community in Chicago's affluent Gold Coast Neighborhood |
CHICAGO, IL — Cushman
& Wakefield has negotiated the sale of The
Clare, a luxury 338-unit high-rise continuing care retirement
community (CCRC) in the heart of Chicago’s affluent Gold
Coast neighborhood.
The Tampa, FL-based Cushman & Wakefield
Senior Housing team led by Executive Director Allen
McMurtry and Senior Director David
Kliewer represented a joint venture between New York-based
alternative asset manager Fundamental
Advisors LP and Harrison, NY-based owner and developer Senior
Care Development, LLC (SCD).
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| Allen McMurtry |
Under the direction of the ownership
team, occupancy increased from ±34% at the time of acquisition in 2012 to the
current occupancy of ±99%.
Des Moines, IA-based senior living company LCS,
which was a minority investor in the SCD acquiring entity in 2012, purchased
the asset as the new majority owner with SCD retaining a minority investment
moving forward.
Life Care Services, the management arm of LCS which had
previously managed the property under the sellers’ ownership, will remain as
the manager.
The Clare is a high-end CCRC with luxury
interiors, offering residents premier views of the Downtown Chicago cityscape
and Lake Michigan, as well as walkable access to nearby downtown amenities, all
within a full continuum of care.
Located within the Gold Coast, the
seventh most affluent urban area in America, The Clare is situated
one block from The
Magnificent Mile and just over a mile from the Navy
Pier.
At 55
East Pearson St., The Clare was developed in 2008, and is a
±700,000-square-foot, 53-story, high-rise. The property’s unit mix includes 248
independent living apartments, 26 assisted living units, 14 memory care units
and 50 skilled nursing beds.
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| David Kliewer |
The Clare offers a selection of one-, two- and
three-bedroom independent living units averaging ±1,200 square feet. It was
±99% occupied with a waiting list at the time of sale.
The Clare shares a portion of the development
with Loyola
University’s Water Tower Campus. Loyola and The Clare have a lease
agreement for thedone deals parcel’s land/development rights on which the building was
developed.
“The Clare is widely recognized as the premier
Senior Living high-rise in the nation. The successful turnaround of this trophy
asset represents a tremendous accomplishment for the senior living industry
and, in particular, the entrance fee CCRC operating model,” said Mr. McMurtry.
“The team of Fundamental, SCD and LCS executed a multi-year strategic plan
resulting in not only an exceptional financial outcome, but a thriving
community for the residents and staff of The Clare.”
Added Mr. Kliewer, “The Clare is truly a
one-of-a-kind senior living asset in one of the most affluent and highest
barrier-to-entry locations in the country. With Life Care Services continuing
to operate the community going forward, it is well-positioned for future
success.”
Media Contact:
David
A. Meyer
Meyer Media
+ 1 407 489 7488
david@meyer.media
Meyer Media
+ 1 407 489 7488
david@meyer.media
or follow @CushWake on Twitter.
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