Buy & Hold (Assisted Living): (105 Units) Highwood, Illinois + $26,500,000

Promise Land Realty
Feb 12
4 min read

Price

$26,500,000

OFF-MARKET | NORTH SHORE ASSISTED LIVING & MIXED-USE OPPORTUNITY

700 on Sheridan

700 North Sheridan Road | Highwood, Illinois

Property Details

Year Built: 1971

Year Renovated: 2019 (Comprehensive Interior & Exterior Upgrades)

Housing Facility: 71,587± SF

Commercial / Retail Space: 20,000± SF

Total Units: 105

Site Size: Approx. 1.67 Acres

Construction: Reinforced Concrete (Institutional Quality)

Zoning: Planned Unit Development (PUD)

Executive Summary

700 on Sheridan presents a rare opportunity to acquire a fully renovated 105-unit assisted living facility with an integrated 20,000± SF commercial/retail component in Chicago’s affluent North Shore corridor.

Originally designed as a Ramada Inn hotel, the five-story structure has been repositioned into a modern senior housing community featuring 95 studio units (averaging 316± SF) and 10 one-bedroom units ranging from 632± to 720± SF.

The property underwent comprehensive interior and exterior renovations, including:

Addition of a 2,100± SF commercial-grade industrial kitchen
Modernization of resident units and common areas
Updated wellness and amenity spaces
Renovated indoor pool and sauna facilities
Integration of adjacent 20,000± SF retail space suitable for grocery, restaurant, pharmacy, or complementary service tenants

This asset provides a dual-income opportunity: senior housing operations plus stabilized retail activation.

Appraisal

https://drive.google.com/file/d/1_wRfRMc2aAKFrTlJWDHt1jzt8_BQdJ7_/view?usp=sharing

Current Status – Strategic Repositioning

The property is currently vacant as part of a structured operational reset following renovation completion.

This allows incoming ownership to:

Install new management
Implement a private-pay focused lease-up strategy
Optimize staffing and cost controls from inception
Establish new branding and marketing identity
Structure ideal resident acuity mix

This is not a distressed physical asset — it is a repositioned facility awaiting lease-up under new sponsorship.

Unit Mix

95 Studio Units (Avg. 316± SF)
10 One-Bedroom Units (632±–720± SF)
105 Total Units

Designed for assisted living configuration with common corridor access and centralized service areas.

Amenity Package

Amenities include:

Lobby & reception area
Management and marketing offices
Library
Mail room
Beauty / barber shop
Sundry store
Wellness & therapy facilities
Industrial commercial kitchen
Main dining facilities
Indoor pool & sauna
Multi-purpose activity rooms

The amenity package supports competitive positioning within the North Shore assisted living market.

Retail Component – 20,000± SF

The attached 20,000± SF commercial space provides significant value-add potential.

Ideal uses include:

Specialty grocery
Café / restaurant
Pharmacy
Medical services
Therapy clinic
Wellness-oriented retail

This component allows for:

Additional revenue stream
Resident convenience services
Increased property activation
Cross-traffic synergy

Retail activation materially enhances long-term asset value.

Location Overview – Chicago North Shore

Highwood is located between Lake Forest and Highland Park in one of the most affluent suburban corridors in Illinois.

Highlights include:

27 miles to Chicago Loop
20 miles to O’Hare International Airport
30-minute express Metra access to downtown Chicago
Access via I-94, IL Route 22, IL Route 131, and U.S. Route 41
Strong median household incomes
Proximity to Lake Michigan shoreline
Established healthcare and senior demographic base

The North Shore is characterized by:

Top-rated schools
Golf courses & country clubs
Boutique retail and fine dining
Nature preserves and lakefront access

This is one of the strongest private-pay assisted living corridors in the region.

Investment Highlights

Institutional concrete construction
Fully renovated asset (2019 upgrades)
105-unit scale – attractive for regional operators
20,000± SF commercial upside
Delivered vacant for operational reset
Prime North Shore location
Significant long-term appreciation potential
Suitable for operator, private equity, or family office acquisition

Ideal Buyer Profile

Assisted living operators expanding into North Shore
Private equity senior housing platforms
Healthcare-focused investment funds
1031 exchange buyers
Mixed-use repositioning investors

On-Site Inspections

By Appointment Only.

Full financial package, appraisal, and due diligence materials available to qualified buyers.

Contact: investments@promiselandrealtyllc.com

Property Map

All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.

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