January 6, 2020
Fundamental Advisors LP sold The Clare at Rush and Pearson, a high-rise senior housing community in downtown’s Gold Coast neighborhood, to LCS, the nation’s second largest operator of senior living communities, giving LCS full ownership of the property. Financial terms weren’t disclosed; Crain’s Chicago Business reported that The Clare traded for $105 million.
A partnership of Fundamental, Senior Care Development and LCS acquired The Clare in a 2012 bankruptcy auction and executed a multi-faceted renovation. Life Care Services, the management arm of LCS, was brought in to manage the 248-unit property, where occupancy increased from 34% to 98%.
“The Clare is a premier asset that is a natural fit with our existing portfolio, and reinvesting in the community aligns with our principle of keeping a long-term perspective,” said Joel Nelson, president and CEO of Des Moines-based LCS. “We are looking forward to serving the residents for many years to come.”
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