Retirement: 53-Story “The Clare” Tower Sale Signals Booming “Senior Luxury Living” Sector In Chicago

From a The Real Deal online article:

A unit at the Clare costs an average one-time entrance fee of $800,000 or so, along with around $5,500 monthly fees. The entrance fee is refunded when a resident dies or moves out. Entrance fees at a typical senior living facility is around $369,000.

The 53-story Clare tower on Chicago’s Magnificent Mile has sold for $105 million, a sign that luxury senior living facilities hold huge upside in today’s market.

Fundamental Advisors LP sold the luxury seniors-only tower for twice what the private equity firm paid for the 334-unit tower in 2012, according to the Wall Street Journal.

“The Clare” website 

Read more from article

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s