JDI Realty And Wolcott Group Acquire Evolve At Lake Zurich For $24.5 Million

The property asset involved in the transaction is the Evolve at Lake Zurich assisted living community, located at 795 North Rand Road in Lake Zurich. The sale price for the 120-unit senior housing asset was $24.5 million, equating to a price per unit of $204,167.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $24,500,000
• Units: 120
• Price Per Unit: $204,167
• Buyer: Jeff Aeder & Adam Seidenberg - JDI Realty; Andrew Goodman & Ari Golson - Wolcott Group
• Lender: Old Second National Bank

This acquisition by JDI Realty, in partnership with Wolcott Group, is part of their strategy for senior housing expansion. The investment was financed through a $17.5 million loan intended to address the growing demand in the market due to the aging baby boomer population, along with current market challenges such as COVID-19, labor costs, and elevated interest rates.