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Chicago & Midwest  + Greater Chicagoland  + Senior Housing  |  March 9, 2026
Jasmine Kilman
By: Jasmine Kilman

Town Lane Acquires Seniors Housing Property in Suburban Chicago

Town Lane, in conjunction with Arcole, its senior housing platform, has acquired The Sheridan at Green Oaks, a 198-unit independent living, assisted living, and memory care community in Lake Bluff, Illinois.

The community, which will be re-branded Modena Green Oaks post-acquisition, is situated along Waukegan Road in Lake County, just east of Interstate 94, the main route to downtown Chicago, less than three miles from downtown Lake Bluff, offering proximity to healthcare options, premier golf and country clubs and only five miles from Advocate Condell Medical Center.

The transaction represents Town Lane’s fifth senior housing investment in its inaugural $1.25 billion real estate fund in partnership with Arcole. Solera, an experienced senior housing operator will manage the property post-acquisition. Built in 2016, the community encompasses more than 220,000 square feet on a 17-acre site in Chicago’s North Shore suburban market.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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