At a glance
- The seller was a partnership of LAMB Properties, Harbert South Bay Partners and their capital partners, according to IREI, which reported the sale.
- For allocators in Nuveen's real estate vehicles, the purchase adds an operating business alongside the firm's grocery-anchored retail deals.
- Built in 2018, The Carrington has 251 independent living units, 88 assisted living units and 44 secured memory care units across two interconnected four-story buildings.
Nuveen Real Estate and Senior Resource Group paid $212.5 million for The Carrington at Lincolnwood, a 383-unit senior living community in Lincolnwood, Ill.
The seller was a partnership of LAMB Properties, Harbert South Bay Partners and their capital partners, according to IREI, which reported the sale. SRG will take over management from Momentum Senior Living, and the purchase marks SRG's entry into the Chicago market. IREI described the transaction as one of the largest single-asset senior living sales nationally in 2026.
For allocators in Nuveen's real estate vehicles, the purchase adds an operating business alongside the firm's grocery-anchored retail deals. Revenue at a full-continuum community depends on filling units and staffing care, and the operator changes hands at the same moment as the owner. The due-diligence question is SRG's plan for the 251 independent living units, where income is not fixed by a tenant's lease.
Built in 2018, The Carrington has 251 independent living units, 88 assisted living units and 44 secured memory care units across two interconnected four-story buildings. Amenities include an indoor pool, a movie theater, a wellness gym, a sports bar, a salon and a fenced dog park. The price works out to roughly $555,000 a unit across the 383 units.
Nuveen's buying this fall has run through retail. Deal Tracker records two Nuveen deals in the past 12 months, both as buyer, including the $790 million grocery-anchored retail venture with PSP Investments launched Oct. 21, as Private Real Estate Daily previously reported. The other is a $446 million asset purchase announced Nov. 2.
The property sits at 3501 Northeast Parkway, about 10 miles north of downtown Chicago, next to Lincolnwood Town Center, a 31-acre mixed-use site slated for redevelopment. IREI reports that the surrounding area has a dense population aged 75 and older expected to grow by more than 17%, and that nearby Northwestern University supports demand from faculty, staff and adult children of seniors in the trade area.
Reported by the Deals desk from IREI, Deal Tracker and Private Real Estate Daily archive. Published . Corrections