Senior Lifestyle Corp

Senior Lifestyle Corp, a leading developer from Chicago specializing in building residential communities, has recently sold two of its retirement homes in a sale-leaseback agreement. Unconfirmed reports named the buyer as Ohio-based investment trust REIT Inc.  The properties were sold for $34.8 million.

The sale-leaseback transaction allows Senior Lifestyle Corp to lease the properties back and continue operating them.  The two senior residential homes included in the sale are Autumn Green at Midway Village and Autumn Green at Wright Campus. Senior Lifestyle Corp operates 26 retirement villages in the Chicago area.

Autumn Green at Midway Village is a retirement community located at at 6700 S. Keating Ave. at West Lawn.  It spans 121,600 square foot and houses 123 senior living units (100 independent living and 23 assisted living residences). County records showed that the retirement village was sold at $17.9 million.  This retirement community sits right next to another senior housing project that Senior Lifestyle Corp plans to build before the year ends.


Midway Village was built in 2005. It is a six-story residential community with varying rents from $1,600 to $3,500 per month. It has a 95 percent occupancy rate.

The other residential community involved in the sale-lease transaction is Autumn Green at Wright Campus located at 4239 N. Oak Park Ave.  The said facility spans 128,500 square foot with 129 living units ( 106 independent living and 23 assisted living homes). The property was sold for $16.9 million in May 15 according to the county records.

Wright Campus was built in 2007. It is also a six-story facility found in the Northwest Side of Chicago. Occupancy rate is also pegged at 95 percent.

Senior Lifestyle Corp is a developer focused mainly on senior living projects. The retirement homes provide tailor-made services to clients ranging from dining to personal care, depending on their needs.  It is consistently named as among the best senior retirement home companies by the American Senior Housing Association.

The transaction is reported to be the fourth and fifth acquisitions made by Health Care REIT from Senior Lifestyle Corp.  The latter sold two of its retirement properties in Westchester, Pa., and another in Greendale, Wiscon early this year.