Reset BasisSenior Campus
Property Photos
Large open common areas built for senior care, ready to be reworked for residential or care use.
Three Paths
A fully vacant asset at a reset basis. Buyers can underwrite residential and senior housing paths against the existing building area.
- Demand anchor
- Joshua Arms
- Comp vacancy
- 0.8%
- Capital
- Tax credit equity
- Product
- Age & income restricted
- Zoning
- R-B multifamily
- Approval
- Special Use
- Density · parking
- City review
- Status
- Not as of right
- Purpose built
- 1975
- Licensed beds
- 272
- Zoning
- Permitted in R-B
- Senior node
- Undersupplied
R-B zoning (City of Joliet) expressly contemplates multifamily residential buildings. Senior care use is permitted; conventional multifamily conversion requires Special Use approval, with final density, parking and site requirements subject to City review. No unit study has been completed. Building area is presented as existing GBA with adaptive reuse potential.
Interior Views
Double-loaded corridors, resident rooms and lounges across the wings. About 200 resident rooms today.
Purpose Built in 1975
Built as a senior care campus and operated on this block for nearly five decades. Vacated in April 2024; third-party review rates building and grounds fair to poor.
Campus built for senior care, 272 licensed beds
Joshua Arms opens across Rowell Ave with 242 senior units
Facility vacated in April
ALTA/NSPS survey certified by JLH Land Surveying, Aug 28
The Parcel
3.30 acres with access off Rowell Ave, Chippewa St and Home St, all dedicated public streets. Site figures reflect the August 2026 ALTA survey.
County assessor records show 3.40 AC · 164,221 SF. Full survey is in the diligence file.
The Building
An X-shaped campus: two 6-story brick wings and two 2-story wings, with care infrastructure in place.
Proven SeniorHousing Node
A 242-unit affordable senior community has run across the street since 1978 with limited vacancy. Purpose-built, age-restricted supply is scarce against an aging resident base.
| Driver | What the node shows | Status |
|---|---|---|
| Absorption | 242 age-restricted units full across the street | Proven |
| Longevity | Continuous senior operation on this block since 1978 | 48 years |
| Zoning fit | Senior care use permitted within existing R-B | Permitted |
| Labor | 48,200 daytime employees and two hospitals nearby | In place |
| Aging | The 65+ cohort is the fastest growing age segment | Structural |
| LIHTC equity | Tax credit capital seeks shovel-ready conversions | Structural |
Age and income restricted rental set
Joshua Arms at 0.1 mi
51,055 households
Comp vacancy and anchor data as of 06/04/2026. Demographics are 3-mile estimates. Little new senior or memory care product in the node; existing care infrastructure shortens delivery.
Joshua Arms
The subject (left) faces Joshua Arms Senior Residences (right) across Rowell Avenue. Direct support for the affordable / LIHTC senior path.
Senior Care Comps
Senior and supportive care sales in the Joliet submarket. Comp set averages $189.20 / SF.
| Property | Location | Sold | Bldg SF | Price | $ / SF |
|---|---|---|---|---|---|
| 1Clarendale of Mokena | Mokena · ~20 mi E | Apr 2026 | 188,913 | $72.0M | $381.13 |
| 2Woodlands of Crest Hill | Crest Hill · ~5 mi N | Feb 2026 | 473,524 | $110.0M | $232.30 |
| 3Renwick Nursing & Rehab | Joliet | Dec 2024 | 40,000 | $7.90M | $197.50 |
| 4Deerbrook Care Center | Joliet | Dec 2024 | 66,546 | $12.68M | $190.54 |
| 5Willow Falls | Crest Hill | Jul 2024 | 170,820 | $20.0M | $117.08 |
| 6Eden Vista Rock Run | Joliet | Jul 2024 | 36,756 | $3.98M | $108.22 |
| 7Waterford Estates | Hazel Crest | Feb 2025 | 256,000 | $25.0M | $97.66 |
| S1314 Rowell Ave | Joliet | Current | 120,941 | Subject to Offer | — |
Comparable sales per 33 Realty review, 08/27/2026. Woodlands of Crest Hill is a 730-unit conventional multifamily trade, included as a submarket liquidity benchmark, not senior product.
Affordable Comps
Affordable and LIHTC sales across the Chicago metro. Comp set averages $258.10 / SF.
| Property | Location | Sold | Bldg SF | Price | $ / SF |
|---|---|---|---|---|---|
| 1Standard Senior Affordable Portfolio | Chicago metro | Jan 2023 | 90,336 | $47.0M | $520.28 |
| 2Woodlands of Crest Hill | Crest Hill · ~5 mi N | Feb 2026 | 473,524 | $110.0M | $232.30 |
| 3Greenleaf Apartments | Bolingbrook | Jan 2023 | 333,027 | $62.95M | $189.02 |
| 4Riverwalk Senior Living | Lyons | Jul 2021 | 96,926 | $8.80M | $90.79 |
| 5Huntington Towers214 units | Mount Prospect | Dec 2023 | — | $74.9M* | N/A |
| 6Bryn Mawr Belle Shore371 units | Chicago | Dec 2022 | — | ~$46.0M* | N/A |
| S1314 Rowell Ave | Joliet | Current | 120,941 | Subject to Offer | — |
*Total capitalization or program value; purchase price not isolated. Comparable sales per 33 Realty review, 08/27/2026.
Built-Asset Optionality
The value sits in the real estate: the building, the infrastructure and the entitlement history. Improvements, care infrastructure and R-B zoning support senior care reactivation, residential adaptive reuse or future redevelopment.
| Sector signal | Detail |
|---|---|
| Property | 2200 S Elmhurst Rd |
| Location | Mount Prospect, IL |
| Event | Senior facility foreclosure |
| Auction | 07/01/2026 |
| Land area | 79,671 SF |
| Balance due | $5.20M |
Directional context only, not a comparable sale.
Offering details and financials
Available once you accept the confidentiality agreement.
Review and accept the agreementJoliet, Illinois
Joshua Arms
242 affordable senior units
Joliet Gateway Center
Metra and Amtrak
Downtown Joliet
Rialto Square Theatre
Saint Joseph Medical Center
Hospital
Silver Cross Hospital
New Lenox
Chicago Loop
Metra Rock Island or Heritage Corridor
