Lincoln Park just logged one of its priciest real estate plays of the year, and it is all about high-end senior living. Belmont Village Senior Living has sold its community at 710 West Fullerton Parkway to CBRE Investment Management for $151 million, according to public records. The seven-story assisted living and memory care building, which opened in 2019, offers about 149 units aimed at higher-end residents. The deal closed last week and ranks among the largest single-asset senior housing trades in the Chicago market this year.
As reported by The Real Deal, New York-based CBRE Investment Management shelled out $151 million for the property, with property tax records assigning roughly $121 million of that price to the real estate and about $30 million to equipment and other items. At the $121 million real estate allocation, the purchase works out to about $812,000 per unit. Public records also show Belmont Village bought the older building previously on the site in 2016 before redeveloping it into the current community.
From demolition to luxury opening
Belmont Village knocked down the prior structure after its 2016 purchase and spent the next few years transforming the site into the present-day Lincoln Park community, which opened in 2019. The evolution of the project was closely watched in the senior housing world. Senior Housing News followed the planning process and neighborhood outreach, highlighting how the development was pitched as a modern, urban take on senior living.
On the construction side, contractor W.E. O'Neil lists the Lincoln Park project among its completed jobs and details a seven-story building with below-grade parking. Belmont Village's own marketing materials pegged opening rents at about $6,500 a month, a number that put the community firmly in the luxury category from day one.
Why investors are still buying
The Lincoln Park sale plugs into a broader wave of senior housing deals in and around Chicago. Several other communities traded for roughly $217 million in late February, and buyers have been active throughout both the suburbs and the city. As The Real Deal notes, investors are betting on tightening supply and improving occupancy as the population ages, a combination that makes stabilized, amenity-heavy buildings in walkable neighborhoods especially attractive to institutional capital.
Representatives for Belmont Village and CBRE Investment Management did not immediately respond to requests for comment in initial coverage, leaving the numbers to do most of the talking. For nearby residents and the families who rely on the building, day-to-day operations are expected to stay the same, even as the ownership and capital stack quietly shift behind the scenes.
For investors, the Lincoln Park acquisition is a clear bet on premium, private-pay senior housing in a high-demand North Side market. For Chicago real estate watchers, it is another sign that the city’s aging population is influencing where money flows and which properties command top dollar.
