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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.
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.
It's already one of the tightest submarkets in the region, and new owners feel putting in urban-style amenities will make it even more attractive younger workers.