Senior Resource Group, TIAA and Nuveen Buy Lincolnwood Senior Living Community for $212.5M

Senior Resource Group (SRG) and the TIAA Real Estate Account (REA), which is managed by TIAA and supported by Nuveen Real Estate, have acquired The Carrington at Lincolnwood, a 383-unit senior living community in Lincolnwood, Illinois, in a $212.5 million sale and financing arranged by JLL Capital Markets. The seller was a partnership of LAMB Properties, LLC and Harbert South Bay Partners, along with its capital partners.

JLL announced the transaction on Nov. 9, 2026. The firm said the deal is one of the largest single-asset senior living sales nationally in 2026 and marks SRG's entry into the Chicago market.

Transaction Details: The Carrington at Lincolnwood Sale

JLL's National Seniors Housing Capital Markets team represented the seller, the partnership of LAMB Properties and Harbert South Bay Partners and its capital partners. The team also worked on behalf of the buyer to arrange a five-year acquisition loan through a national bank.

The $212.5 million price equates to roughly $554,830 per unit across the property's 383 units. SRG will assume management of the community from Momentum Senior Living.

Property Profile: A 2018-Built Full-Continuum Community

The Carrington at Lincolnwood is a Class A community at 3501 Northeast Parkway, Lincolnwood, Illinois 60712. Built in 2018, it consists of two interconnected four-story buildings with 251 independent living units, 88 assisted living units and 44 secured memory care units.

Amenities include an indoor pool, movie theater, wellness gym, sports bar, game room with billiards, salon, café and bistro, libraries with computer stations, creative arts studio, worship areas, indoor garage parking and a fenced-in dog park.

Location and Demand Drivers in the Chicago Market

The community sits about 10 miles north of downtown Chicago in a suburban setting. It is adjacent to Lincolnwood Town Center, a 31-acre mixed-use site slated for redevelopment. The redevelopment plan contemplates a 150,000- to 175,000-square-foot retail anchor, an automobile dealership and additional commercial and retail uses. The existing center is expected to close and undergo phased demolition.

The property is also close to Northwestern University, which JLL said drives sustained demand from faculty, staff and adult children of seniors within the trade area. According to JLL, the surrounding area has a dense population aged 75 and older, which is expected to grow by more than 17% over the next five years.

Buyer and Seller Backgrounds

SRG Senior Living describes itself as a developer and operator of luxury senior living communities throughout the United States. The acquisition represents SRG's first acquisition and management entry in the Chicago market and gives the operator a community offering independent living, assisted living and memory care.

LAMB Properties, LLC is a real estate investment and development vehicle for the Bluhm family in Chicago. Since 2015, it has been involved with approximately $1.5 billion of ground-up development across build-to-rent, multifamily, senior living, office and hotel assets. Harbert South Bay Partners specializes in developing Class A, luxury seniors housing properties in markets it considers top-rated, focusing on independent living, assisted living and memory care.

Sources

JLL Newsroom: Sale and financing arranged for The Carrington at Lincolnwood