Town Lane acquires The Sheridan at Green Oaks
March 5, 2026
Town Lane, a real estate investment management firm, and Arcole, its senior housing platform, have acquired The Sheridan at Green Oaks, a 198-unit independent living, assisted living and memory care community in Lake Bluff, Illinois.
The community will be rebranded Modena Green Oaks after the acquisition. It is located along Waukegan Road in Lake County, east of Interstate 94 and less than 3 miles from downtown Lake Bluff. The property is about 5 miles from Advocate Condell Medical Center, the companies said.
The transaction is Town Lane’s fifth senior housing investment through its inaugural $1.25 billion real estate fund in partnership with Arcole, a senior housing platform that partners with operators to acquire newer full-continuum communities in growth markets. Solera, a senior housing operator led by CEO Adam Kaplan, will manage the community.
“We are excited to add Sheridan at Green Oaks to our growing senior housing portfolio under Arcole,” said Tyler Henritze, managing partner at Town Lane. “Lake Bluff, along with much of the U.S., continues to show strong demographic and demand fundamentals, and we remain focused on acquiring full-continuum, modern assets supported by these tailwinds.”
“The Sheridan at Green Oaks aligns squarely with our strategy of building a portfolio of high-quality senior housing communities alongside managers we know and trust,” said Kelly Sheehy, managing partner of Arcole. “Our relationship with Solera spans more than 15 years and, combined with Arcole’s more than 20 years of experience investing in senior living and Town Lane’s established investment platform, we believe this foundation will support strong performance at the community.”
“We are honored to welcome The Sheridan at Green Oaks to the Solera Senior Living portfolio,” Kaplan said. “This acquisition reflects our strategic commitment to aligning with high-quality communities that share our dedication to hospitality, proactive and preventive wellness, and operational excellence. We look forward to supporting residents, families and team members as we build on the foundation while enhancing the resident and team member experience.”
Built in 2016, the community includes more than 220,000 square feet on a 17-acre site in Chicago’s North Shore suburban market. Modena Green Oaks offers a continuum of care and amenities including common spaces, dining, fitness classes, creative workshops, housekeeping and laundry services, and resident programming.
About Town Lane
Town Lane is a real estate investment manager based in New York City. The firm invests across commercial real estate sectors and throughout the capital stack. Town Lane was founded in 2024 after raising $1.25 billion in institutional investor capital for its inaugural fund.
About Arcole
Arcole is a health care real estate investment and operating platform focused on senior housing across the United States. The firm works with operators to acquire, reposition and manage communities.
About Solera Senior Living
Solera Senior Living, based in Denver, is an operator, developer and investor of senior living communities across the U.S. Its portfolio includes 15 communities offering independent living, assisted living and memory care in Colorado, Illinois, Maryland, Massachusetts, Nevada, North Carolina, Pennsylvania, Texas and Virginia.