Town Lane, working alongside its senior housing platform Arcole, has acquired The Sheridan at Green Oaks, a seniors housing community in Lake Bluff, Illinois. The property, which offers independent living, assisted living and memory care, totals 198 units and will be rebranded as Modena Green Oaks following the transaction.
The community is located along Waukegan Road in Lake County, just east of Interstate 94, the main route connecting the area to downtown Chicago. It sits less than three miles from downtown Lake Bluff, positioning the property close to local services and neighborhood amenities in the suburb.
Residents of the community will have nearby access to healthcare providers and a concentration of premier golf and country clubs in the surrounding area. The property is also approximately five miles from Advocate Condell Medical Center, providing an additional regional healthcare anchor for seniors and their families.
The acquisition marks Town Lane’s fifth senior housing investment through its inaugural $1.25 billion real estate fund established in partnership with Arcole. This latest purchase continues the fund’s strategy of deploying capital into seniors housing assets, with Arcole supporting Town Lane as the dedicated platform for the sector.
Following the acquisition, Solera, an experienced senior housing operator, has been engaged to manage Modena Green Oaks. The operator will oversee the independent living, assisted living and memory care offerings at the community as it transitions under the new branding and ownership structure.
Originally delivered in 2016, the community comprises more than 220,000 square feet on a 17-acre site in Chicago’s North Shore suburban market. The combination of relatively recent construction, a sizeable campus and proximity to both neighborhood and regional healthcare resources underscores the strategic positioning of the asset within the broader Chicago-area senior housing landscape.
