We are pleased to present The Homestead at Morton Grove, an exceptional 55+ leasehold investment opportunity in one of the nation’s most sought-after markets. Located in North Cook County, within the Chicago suburb of Morton Grove, this property comprises 82 apartment homes offering a variety of spacious floor plans, averaging an impressive 1,030 square feet. Approximately 80% of these units are market-rate, with the remaining 20% designated as affordable. Additionally, the property provides a strategic advantage in navigating current capital market uncertainties with the opportunity for new ownership to assume highly attractive long-term debt.

Since its inception in 2011, Homestead has been a premier 55+ community, recognized as the Best Senior Living Community in Illinois in 2022. Its robust occupancy rates underscore the value of a modern senior living community in a prime location like Morton Grove. Situated approximately 30 minutes from downtown Chicago, Morton Grove is a thriving northwest suburb. Homestead is literally steps from the new Metra station, a forest preserve, and abundant shopping and restaurants, all popular with residents. The property boasts an extensive array of amenities, including a spacious clubroom with two private rooms and a large outdoor patio area, storage units on each floor, multiple libraries with computer access, a resident van service, heated underground parking garage, and even an in-house beauty salon! The garage has 65 spaces available for rent, featuring a car wash station. Given the rising construction costs and current market rates, the property is expected to trade well below today’s replacement cost, presenting a rare opportunity to invest in newer construction within a highly desirable Chicago submarket.