“We just have a deep conviction that the demographics of this subset of the population is just starting to age -- so there’s a wave coming,” Craig said.
Hines and Welltower each have equity stakes in the West Side project, along with a third undisclosed investor, Craig and Hawkins said. They are carrying no debt. The buildings they acquired on 85th Street are vacant and demolition is expected in the first half of 2019.
This article was provided by Bloomberg News.