CHICAGO-A fund created by Harrison Street Real Estate Capital, based here, is providing equity for a new partnership to acquire and develop assisted living and memory care facilities throughout the Midwest. Bickford Senior Living, based out of Kansas City, MO, is the other half of the venture, which has already invested in six communities that Bickford manages for $62 million.

The Harrison Street Real Estate Partners III LP fund provided most of the $62 million, according to a company spokesman. The six properties, consisting of 342 units total, are located in Chicago; Kansas City, MO; Omaha, NE and Des Moines, IA. Michael Gordon, SVP with Harrison, says that the properties three in the suburbs of Chicago – Bickford Senior Living of Oswego, St. Charles and Crystal Lake.

Gordon tells GlobeSt.com that Harrison wants to focus on more than just seniors housing. “We’re doing what is considered need-based seniors housing. It’s less of a want-based environment, where seniors just want to move somewhere smaller and for the social aspect of being around people their age. We’re focusing on properties where needs are taken care of, it’s very challenging to take care of a loved one that needs a high level of supervision,” he says.