Spectrum Retirement to Add 2 Properties in Suburban Chicago
- Sep 14, 2018
Spectrum Retirement Communities is developing two new facilities in the western suburbs of Chicago—Silver Glen Senior Living in Elgin, Ill., and Algonquin Senior Living in Algonquin, Ill. The communities are slated to feature a total of 341 units, including independent living, assisted living and memory care, along with a transitional memory care program, for residents with mild cognitive impairment.
Construction began this month at Silver Glen, with completion slated for mid-2020. The 10-acre parcel is situated at the intersection of Silver Glen and Randall roads, while downtown Chicago is roughly 45 miles away. When completed, the property will comprise 179 units ranging from studio to two-bedroom apartments. Common-area amenities are set to include:
- fitness and physical therapy center
- resource library
- community room
- three dining areas
“Silver Glen is located in an authentic neighborhood and will offer a wide range of choices to meet different budget, lifestyle and design preferences,” said Brad Kraus, president of Spectrum Retirement Communities, in prepared remarks.
The Village of Algonquin Trustees recently approved the Algonquin Senior Living project. The Village annexed the 30-acre parcel along Harnish Drive, just west of Randall Road, in May 2017. The property is scheduled to provide 162 units ranging from studios to two-bedroom, two-bath, 1,000-square-foot apartments. Groundbreaking is planned for spring 2019.
In August, two senior communities were recapitalized in the Chicago area, with a total purchase price of more than $100 million. Arcapita acquired the assets and Life Care Services continued to operate both communities.