Welltower continues Chicago repositioning with $98M in senior housing buys
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Senior living investment giant Welltower ended its Chicagoland selling streak with $98 million in new purchases last week. Toledo, Ohio-based Welltower bought Arbor Terrace Highland Park and Arbor Terrace Glenview for $58 million and $40 million, respectively from Washington, D.C.-based developer Capitol Seniors Housing. The purchases come after Welltower sold two medical office ground leases to Endeavor Health for $57 million and offloaded a Hinsdale senior living facility to Lincolnwood, Illinois-based Pearl Healthcare for $22 million, records show. CSH developed the Arbor Terrace Glenview at 4700 West Lake Avenue with a $24 million construction mortgage from Northbrook Bank & Trust. Then in 2018, CSH developed the Arbor Terrace Highland Park at 1000 Central Avenue with a $19 million loan, also from Northbrook Bank & Trust. The company's total investment in both developments is unknown. Representatives of Welltower and CSH did not respond to requests for comment. The National Investment Center for Seniors Housing & Care expects that limited new supply and steady growth in demand will drive the average senior housing occupancy rate above 90 percent this year, potentially reaching the highest occupancy rate reported in the 20 years that the NIC has tracked this data, PricewaterhouseCoopers noted. Continuing the Chicago area's senior care hot streak, Lincolnwood...
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