Berkadia Sells 160-Unit Trulee Evanston Senior Living Asset for AEW in Chicago-Area Deal

EVANSTON, Ill. — Berkadia has closed the sale of Trulee Evanston, a 160-unit, Class-A, full-acuity senior living community in Evanston, Illinois, on behalf of seller AEW Capital Management, the firm announced Sept. 8. A large national REIT acquired the asset, and Solera Senior Living will continue to operate the community under new ownership.

Deal Details and Brokerage Team

Senior Managing Directors Dave Fasano, Ross Sanders, Cody Tremper, and Mike Garbers of Berkadia Seniors Housing & Healthcare represented AEW Capital Management, a Boston-based real estate investment firm, in the transaction. The buyer was not identified beyond its description as a large national REIT.

"Trulee Evanston represents a differentiated, high-quality seniors housing asset in one of Chicagoland's most desirable and supply-constrained submarkets," Fasano said in the announcement. "The community's luxury positioning, demonstrated operating momentum, and central Evanston location created a compelling opportunity for a long-term institutional owner."

PGIM Real Estate provided $50 million in floating-rate senior financing secured by the property in June 2025 on behalf of AEW and Solera Senior Living. The 2026 sale followed less than 18 months after that financing closed.

Property Overview: Trulee Evanston

Completed in 2021, Trulee Evanston rises nine stories in downtown Evanston and offers 127 independent living and assisted living units alongside 33 memory care units. The community is positioned as a full-acuity, luxury rental property — meaning residents are not required to pay a large entrance fee — with all three care levels housed under one roof.

Independent living units start at $7,075 per month for one-bedroom layouts and $8,775 per month for two-bedroom layouts. Assisted living studios begin at $7,575 per month, with one-bedroom and two-bedroom options starting at $8,675 and $10,375 per month, respectively. Memory care private studios are priced from $11,350 per month on an all-inclusive basis.

Amenities include chef-prepared dining, a ninth-floor Skyline Club, fitness and wellness spaces, an outdoor courtyard, a theater, an art studio, concierge services, local transportation, and on-site salon services. The property is located near downtown Evanston, Northwestern University, healthcare providers, retail, dining, and public transportation.

Acuity Mix and Operational Structure

Trulee Evanston's full-acuity design integrates independent living, assisted living, and memory care within a single vertical building. Independent living residents have access to maintenance-free apartments with full kitchens, housekeeping, transportation, and lifestyle programming. Assisted living floors provide 24/7 staffing and support with activities of daily living while maintaining a residential apartment design. The memory care neighborhood features a secured environment, higher staffing ratios, dementia-trained staff, and specialized programming.

Solera Senior Living, which operated the community under AEW's ownership, will remain as operator following the REIT's acquisition.

Market Context and Sector Fundamentals

The transaction reflects broader institutional demand for stabilized, high-quality seniors housing in supply-constrained urban markets. Seniors housing occupancy across NIC-tracked primary and secondary markets reached 89.1% in the third quarter of 2025, up 60 basis points quarter-over-quarter and 180 basis points above the pre-pandemic level of 87.3%. The vacancy rate stood at approximately 10.9% at that time.

For newer, high-quality assets, cap rates have commonly fallen in the mid-5% to mid-6% range, with per-unit pricing moving higher as institutional capital continues to target primary-market seniors housing. Berkadia noted that the Trulee Evanston sale reflects continued institutional demand for high-quality, stabilized seniors housing in supply-constrained markets with compelling resident demographics.

Berkadia Seniors Housing & Healthcare provides advisory, underwriting, and loan origination services for active adult, independent living, assisted living, memory care, and skilled nursing properties nationwide. The group's financing products include FHA, Fannie Mae, Freddie Mac, life company, proprietary bridge lending, and capital markets advisory services.