New York-based Fundamental Advisors LP announced the sale of The Clare at Rush and Pearson, a senior housing community in Chicago, to Des Moines, Iowan-based LCS, the nation's second-largest operator of senior living communities. Terms of the transaction were not disclosed.
Fundamental, in partnership with senior housing experts at Senior Care Development and LCS, acquired The Clare in a bankruptcy court auction in 2012 and brought the once highly-distressed asset to profitability, raising occupancy from 34% to 98%. The partners worked collaboratively to successfully execute a multi-faceted plan to renovate the community, expand the health center and augment programs and services for residents.
Life Care Services, the management arm of parent company LCS, was brought in to manage the community. With these enhancements, the continuum of care and lifestyle for residents was substantially broadened and The Clare was repositioned to become a leading senior housing community.
"Our team is proud to have transformed The Clare into a thriving community, and we are confident that the facility will continue to be in great hands under the ownership of LCS," Fundamental Advisors Chairman and CEO Laurence Gottlieb said in a statement. "The Clare underscores Fundamental's focus on community and sustainability as well as our differentiated approach to investing in purpose-built assets. We are pleased not only to have generated strong returns for our investors but to have created a flourishing senior living community in the heart of Chicago."