Inland Acquires Chicago-Area Senior Living Community for $72 Million

Inland Real Estate Acquisitions LLC, the purchasing arm for various Inland-sponsored programs including Delaware statutory trusts, has purchased Clarendale of Mokena, a 156-unit senior living community in the southwest Chicago suburb of Mokena, Ill. Completed on behalf of an Inland affiliate, the acquisition price was $72 million.

The property was acquired from a joint venture between LCS and Nuveen Real Estate. The deal was led by Matthew Tice, senior vice president of Inland Acquisitions, with legal assistance from Brett Smith, vice president and associate counsel of The Inland Real Estate Group LLC.

At the time of closing, the community had a 94% occupancy rate.

Located at 21536 Wolf Road, Clarendale of Mokena offers 60 independent living units, 56 assisted living units and 40 memory care units. Amenities include an open-air pub, a first-floor bistro, a fitness studio, a theater room, and a full-service salon and spa.

The facility is situated within one mile of major healthcare facilities, including Northwestern Medical Center, Riverside Healthcare and Silver Cross Outpatient Center.

LCS Community Operations will remain the property manager.

“Our senior living investment strategy centers on acquiring the highest quality opportunities with best-in-class operators,” said Tice. “The Clarendale of Mokena is a great representation of this with its high-quality resident amenities, continuum of care and top-tier management.”

Since its inception, Inland Acquisitions has facilitated more than $56 billion in purchases across all asset types. The Mokena acquisition marks the company’s second senior living purchase in recent weeks.

Last month, AltsWire reported on Inland Acquisitions’ purchase of another senior living community: Jackson Creek Senior Living, a 132-unit senior living community in Monument, Colo., approximately 20 miles north of Colorado Springs. The purchase price was not disclosed. Also, that month the company purchased The Arboretum, a 292-unit multifamily property in Farmingville, N.Y. Inland purchased the property for $190 million from BRP Companies.

Headquartered in Oak Brook, Ill., the Inland Real Estate Investment Corporation, i.e., Inland Investments, is a real estate investment manager and a member company of The Inland Real Estate Group of Companies Inc., one of the nation’s largest commercial real estate and finance groups. Inland Investments specializes in offering public and private tax-advantaged, growth and income real estate solutions spanning virtually every sector of the commercial real estate market.

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