Berkadia Brokers Sale of 138-Unit Senior Housing Community in Long Grove, Illinois to JDI Realty

LONG GROVE, Ill. — Aug. 14, 2026 — Berkadia has arranged the sale of a 138-unit assisted living and memory care community in Long Grove, Illinois, the firm announced. Chicago-based private equity real estate firm JDI Realty acquired the property, with Evolve Senior Living named as the incoming operator.

Senior Managing Directors Cody Tremper, Mike Garbers, Dave Fasano, and Ross Sanders of Berkadia Seniors Housing & Healthcare represented the seller, an Orlando-based private equity company, in the transaction. Financial terms of the deal were not disclosed.

Property Overview: Ciel Senior Living of Long Grove

The community is located at 1190 Old McHenry Road in Long Grove, a suburb in Lake County in the northwestern Chicago metropolitan area. Known as Ciel Senior Living of Long Grove, the property offers assisted living and memory care services and is licensed for 138 residents by the Illinois Department of Public Health. Built in 2018, it is among the newest senior housing assets in the submarket.

The property sits near major transportation routes and retail amenities, according to Berkadia. The firm noted the community has been building leasing momentum and cited the potential for performance improvement through operational changes under new ownership.

Limited Supply Underpins Investment Thesis

Berkadia characterized the Long Grove submarket as having limited competitive senior housing supply, with no new projects under construction or in lease-up in the immediate area. Public regulatory data reflects a small number of licensed assisted living and memory care communities in Long Grove, including New Perspective Long Grove — also known as Arboria of Long Grove — a 104-unit facility at 2300 IL Route 53.

The firm pointed to favorable senior demographic trends and strong resident affordability as additional factors supporting the investment. Lake County, where Long Grove is situated, is among the more affluent suburban counties in the Chicago region, a dynamic that underpins demand for private-pay senior housing.

JDI Realty and Evolve Senior Living Take Over Operations

JDI Realty, headquartered in Chicago, is an active acquirer of senior housing assets in the greater Chicago area. The firm has previously partnered with Evolve Senior Living on other acquisitions in the region, including a 120-unit assisted living community in nearby Lake Zurich, Illinois.

Evolve Senior Living will assume operations at the Long Grove community on behalf of JDI Realty following the closing. The operator already manages a presence in the northwestern Chicago suburbs, positioning the Long Grove asset within an existing regional footprint.

Berkadia Seniors Housing & Healthcare

Berkadia Seniors Housing & Healthcare provides advisory, underwriting, and loan origination services for senior housing assets across the country, including active adult, independent living, assisted living, memory care, and skilled nursing properties. The group offers financing products including FHA, Fannie Mae, Freddie Mac, life company, proprietary bridge lending, and capital markets advisory services.