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The Chicago portfolio comprises two premium continuing care retirement communities with approximately 1,100 units operated by Senior Care Development and Life Care Services.
Officials with the firm say the company is currently poised to enter the Las Vegas market and is considering three locations along the 215 Beltway and/or in the southwestern Las Vegas valley to develop luxury rental apartment communities.
Harmonic Drive has outgrown the two buildings it currently occupies in Peabody and the move to Dunham Ridge will allow it to consolidate its functions into one building and expand its footprint to accommodate growth.
The building design incorporates solar panels and other energy-savings features that state officials say will make Energy Square the Hudson Valley's first “net zero” affordable housing development.
The 266,303-square-foot portfolio was purchased on behalf of Sterling Organization's institutional fund, Sterling Value Add Partners III, LP for an undisclosed amount.
Fund III has diversified investments in more than 3,200 multi-family units and more than 2.2 million commercial square feet with locations across several states.
Hospital officials say the new tower will be a part of a planned $215-million campus expansion and modernization effort. Construction on the new patient tower is expected to begin in the first quarter of 2019.