The company, which is rapidly accelerating the number of homes it purchases, plans to use the proceeds to help increase acquisitions.
CRG is trying to connect with family offices and high-net-worth investors, as well as underrepresented investor groups, for its new logistics fund.
The roughly $560 million investment will give JLL Income Property Trust a 47% interest in the properties.
Investors continue to view the seniors housing sector favorably despite some near-term challenges.
The Drake, located on the Magnificent Mile, has 535 rooms and more than 200 feet of retail frontage.
Strong demand from millennials and an undersupply of rental homes underscores the potential for long-term rent growth.
REIT total returns are now up more than 25 percent year-to-date as their strong bounceback year continues.