A joint venture between New York–based alternative asset manager Fundamental Advisors and Harrison, N.Y.-based owner and developer Senior Care Development (SCD) has sold The Clare, a luxury 338-unit high-rise continuing care retirement community (CCRC) in the heart of Chicago’s affluent Gold Coast neighborhood.
Des Moines, Iowa-based senior living company LCS, which was a minority investor in the SCD acquiring entity in 2012, purchased the asset as the new majority owner, with SCD retaining a minority investment moving forward. Care Services, the management arm of LCS, which had previously managed the property under the sellers’ ownership, will remain as the manager.
Under the direction of the ownership team, occupancy increased from approximately 34 percent at the time of acquisition in 2012 to the current occupancy of approximately 99 percent.
The Clare is a high-end CCRC with luxury interiors, offering residents premier views of the downtown Chica
