Good bones: Harrison Street buys suburban senior complex for $49M

A Chicago-based investment management firm just picked up a 100,000-square-foot senior living complex in the northwest suburbs for about $49 million.

Harrison Street Real Estate Capital bought the Sheridan at Park Ridge, located at 510 North Greenwood Avenue, from local developer Kaufman Jacobs, public records show.

Kaufman Jacobs developed the complex in partnership and Senior Lifestyle Corporation. Walsh Construction was the general contractor on the project, which they said on their website cost $24 million. It opened in late 2018.

The Sheridan at Park Ridge development includes 64 assisted living units and 36 specialized memory care units, with rents starting at $4,900 a month.

Harrison Street specializes in the education, healthcare and storage sectors. Since its founding in 2005, it has invested $32.1 billion and acquired or developed more than 1,000 properties, according to its website.

Other local purchases by Harrison Street include $23 million for a 1.6 million-square-foot self-storage facility in Northbrook, $240 million for an eight-building suburban medical office building portfolio and $29.5 million for a medical center in Tinley Park .

Toronto-based Colliers International Group agreed to pay $450 million for a 75 percent stake in Harrison Street less than two years ago.

Harrison Street didn’t respond to requests for comment.