Town Lane Bets Big on Senior Living with North Shore Acquisition

LAKE BLUFF, IL – March 02, 2026 – In a move that underscores a major trend in commercial real estate, New York-based investment firm Town Lane has acquired The Sheridan at Green Oaks, a 198-unit senior living community in the affluent Chicago suburb of Lake Bluff. The acquisition, made through its specialized senior housing platform Arcole, signals a significant strategic push into a market fueled by powerful demographic tailwinds and increasing institutional interest.

Following the transaction, the property, which offers a full continuum of care including independent living, assisted living, and memory care, will be rebranded as Modena Green Oaks. Management will be handed over to Solera Senior Living, a Denver-based operator with a reputation for a hospitality-centric approach to senior care. This deal marks the fifth senior housing investment from Town Lane's inaugural $1.25 billion real estate fund, which it raised in 2024, signaling a rapid and focused deployment of capital into the sector.

The Big Bet on Senior Living

Town Lane's acquisition is not an isolated event but rather a reflection of a larger, national trend: institutional investors are pouring capital into senior housing, viewing it as a resilient and growing asset class. The fundamentals underpinning this strategy are compelling and supported by a wave of demographic and economic data. Nationally, the senior living market is experiencing a robust recovery and expansion phase. According to the National Investment Center for Seniors Housing & Care (NIC MAP), average occupancy rates for senior living rose to 87.4% in the first quarter of 2025, with independent living nearing 90% occupancy.

This surge is driven by powerful demand. The net absorption of senior housing units—the change in occupied units—doubled pre-pandemic levels in 2023 and continued to accelerate into 2024. This demand is met with a constrained supply pipeline. New construction starts in the sector have fallen to their lowest levels since 2009, creating a favorable supply-demand imbalance for owners of existing, high-quality assets.

“We are excited to add Sheridan at Green Oaks to our growing senior housing portfolio under Arcole,” said Tyler Henritze, Managing Partner at Town Lane. “Lake Bluff along with much of the US continues to show strong demographic and demand fundamentals, and we remain focused on acquiring full continuum, modern assets that are supported by these tailwinds.”

The demographic driver is undeniable. The population aged 80 and over is projected to surge by nearly 50% over the next decade. In Illinois, the median age has risen at nearly twice the national rate since 2010, and in Lake Bluff specifically, residents aged 65 and older make up approximately 22% of the population—significantly higher than the national average. This creates a deep and predictable need for the types of services offered at communities like Modena Green Oaks.

A Partnership-Driven Growth Model

The acquisition highlights a sophisticated, multi-layered partnership model designed for rapid and effective growth in a specialized sector. The collaboration between Town Lane, Arcole, and Solera demonstrates how distinct expertise can be combined to execute complex transactions.

Town Lane provides the financial muscle and overarching investment thesis. As a boutique firm with a $1.25 billion opportunistic fund, it identifies thematic trends—like the current boom in senior housing—and allocates capital accordingly. Its strategy involves seeking out such emerging trends and capitalizing on market dynamics.

Arcole, Town Lane's dedicated senior housing platform, provides the sector-specific expertise. Arcole's mandate is to partner with experienced operators to acquire and manage newer-vintage, full-continuum communities in high-growth markets. This specialized focus allows the firm to navigate the unique operational and regulatory complexities of the senior care industry.

“The Sheridan at Green Oaks aligns squarely with our strategy of building a portfolio of high-quality senior housing communities alongside managers we know and trust,” stated Kelly Sheehy, Managing Partner of Arcole. “Our relationship with Solera spans more than 15 years and combined with Arcole’s more than 20 years of experience investing in senior living and Town Lane’s established investment platform, we believe this foundation will support strong performance at the community.”

Solera Senior Living represents the crucial on-the-ground operational component. As the new manager of Modena Green Oaks, Solera brings a track record of developing and operating next-generation senior living communities across the United States. The firm is known for emphasizing proactive wellness programs and exceptional hospitality, a key differentiator in a competitive market.

“We are honored to welcome The Sheridan at Green Oaks to the Solera Senior Living portfolio,” said Adam Kaplan, CEO and Founder of Solera. “This acquisition reflects our strategic commitment to aligning with high-quality communities that share our dedication to exceptional hospitality, proactive and preventative wellness, and operational excellence.”

A New Chapter for a North Shore Landmark

For the residents of Lake Bluff and the surrounding North Shore communities, the acquisition marks a new chapter for a relatively modern local landmark. Built in 2016, the expansive 220,000-square-foot community sits on a 17-acre site along the busy Waukegan Road corridor, providing easy access to healthcare, shopping, and transportation routes to downtown Chicago.

Under its previous owner, Senior Lifestyle Corporation, the property established a reputation as an upscale facility with above-average reviews. The transition to new ownership and management under the Modena Green Oaks brand, guided by Solera's operational philosophy, is expected to build upon this foundation. Solera's involvement in other high-end North Shore projects, such as the luxury Trulee Evanston community, suggests a deep understanding of the expectations of this discerning market. With a median household income exceeding $200,000, Lake Bluff residents have the capacity to support premium senior living options that offer extensive amenities and high levels of service.

Modena Green Oaks offers a comprehensive amenity package, including full-service dining, fitness classes, creative workshops, and robust resident programming. The rebranding and new management promise to “thoughtfully enhance the resident and team member experience,” according to Kaplan. This focus on elevating service quality and resident wellness will be crucial as it competes in the robust North Shore market, which features established operators like Sunrise, Brookdale, and Sedgebrook.

The investment by Town Lane and Arcole is a vote of confidence not only in the senior housing sector at large but specifically in the enduring appeal of the Chicago North Shore. The combination of a modern, full-service asset, a powerful demographic base, and a proven operational team positions Modena Green Oaks to capitalize on the powerful trends shaping the future of senior living.