Chicago-based developer Senior Lifestyle Corp. confirmed it has sold two local senior housing projects in a sale-leaseback transaction.
The transaction includes Autumn Green at Midway Village, a 121,600-square-foot retirement community in the West Lawn neighborhood of Chicago with 100 independent living and 23 assisted living units. The community opened in 2005 and is located adjacent to the site of an affordable independent living facility project for which Senior Lifestyle Corp. plans to begin construction by year’s end.
Also part of the transaction was the 128,500-square-foot Autumn Green at Wright Campus, with 106 independent living and 23 assisted living units.
Senior Lifestyle Corp. says it will continue to operate the communities.
Crain’s reports the two communities were both at about 95% occupancy and sold to Health Care REIT (NYSE:HCN) or affiliates of HCN in a $34.8 million deal. Senior Lifestyle Corp. did not confirm this information.
Written by Alyssa Gerace