Is The Clare at Water Tower offering traditional rentals?

Just a day after Crain’s reported that The Clare at Water Tower had defaulted on $229 million in debt, twenty-two of its apartments were listed for rent in the Multiple Listing Service.

Although news reports have referred to two-thirds of the units at The Clare remaining “unsold,” the upscale retirement project at 55 E Pearson has never offered units for sale. Like other “senior lifestyle centers” it required a largely refundable deposit of half a million dollars or more from renters.

The current rental listings make no mention of deposit amounts, and appear to offer conventional rentals. One-bedroom apartments, with one or one-and-a-half baths, start at $3,540 a month and range up to $5,372 in the high-amenity, high-service building. Two-bedroom, two-bath units range from $5,786 to $6,475 a month, and 3-bedroom, 2-bath units rent for $7,165.

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