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Highlights
New York-based CBRE Investment Management purchased the 149-unit Belmont Village Senior Living Lincoln Park facility from Houston-based Belmont Village Senior Living for $151 million, continuing Chicago’s active senior living market.
The Lincoln Park property is a luxury senior living facility that caters to a niche subset of the sector. It featured high-end amenities and rent starting at $6,500 a month when it opened in 2019.
The transaction is part of an ongoing series of senior housing deals in the Chicagoland area, with future demand expected to grow as the population of Americans over age 75 rises, potentially driving average senior housing occupancy rates above 90 percent this year.