REBusinessOnline

Drever Breaks Ground on 257-Unit Age-Restricted Community in Metro Houston

PEARLAND, TEXAS — California-based Drever Capital Management has broken ground on Larkspur at Shadow Creek, a 257-unit multifamily community in the southwestern Houston suburb of Pearland that will be marketed to seniors age 55 and above. The property will be situated on 12 acres and consist of a 215-unit primary apartment building with 18,000 square feet of amenity space, as well as 42 private cottages. The first units are expected to be complete in the second half of 2020. Drever also …

Heavenrich Arranges $6M Sale of Skilled Nursing Facility Near Dallas

RICHARDSON, TEXAS — Heavenrich & Co. has arranged the sale of The Plaza at Richardson, a 124-bed skilled nursing and memory care facility in Richardson, a northeastern suburb of Dallas. O&M Investments acquired the property for $6 million, or about $58,000 per operational bed. The previous owners recently converted a wing of the facility, which was built in 2006 and upgraded in 2010, to skilled memory care. The Plaza at Richardson was 83 percent occupied at the time of the sale. …

Alliance Residential to Develop Assisted Living Community Near Seattle

BELLEVUE, WASH. — Alliance Residential Co. is entering into the Bellevue market with a new construction senior living community to open in 2021. The property, Holden of Bellevue, will be a 136-unit assisted living and memory care facility located at 112th Ave. NE in Bellevue’s Highlands community. Architecture firm Ankrom Moisan designed the mid-rise building, and Alliance Pacific Northwest Builders was the general …

NAI Horizon Negotiates $5.4M Sale of Mobile Home Park in Metro Phoenix

APACHE JUNCTION, ARIZ. — The NAI Horizon Manufactured Housing Investments team of Russ Warner, Andrew Warner and Victoria Filice has negotiated the $5.4 million sale of Palms Mobile Home Park, located at 1050 E. Broadway Ave. in Apache Junction. NAI Horizon represented the seller, Christine G. Weech Testamentary Trust & Hyrum Newell Weech Testamentary Trust of Safford, Ariz. Built in 1970, Palms Mobile Home Park is an age-restricted community with 89 spaces. Amenities include a …

Partnership to Develop 225-Unit Seniors Housing Project Near Austin

GEORGETOWN, TEXAS — A partnership between Dallas-based MedCore Partners, developer The National Realty Group (TNGR) and operator Watermark Retirement Facilities will develop a 225-unit seniors housing community in Georgetown, a northern suburb of Austin. The property will be situated on 13.2 acres and will feature 125 independent living units, 80 assisted living residences and 20 memory care units. Construction is scheduled to begin in January 2020 and wrap up in summer 2021. A second phase …

Highridge Costa Opens $21M Affordable Seniors Housing Community in Cibolo, Texas

CIBOLO, TEXAS — California-based Highridge Costa Development Co. has opened El Sereno Senior Living, a $21 million affordable seniors housing community in Cibolo, a northeastern suburb of San Antonio. The property features 136 units, 119 of which are reserved for seniors earning between 30 to 60 percent of the area median income. The remaining 17 units are rented at market rates. El Sereno Senior Living is currently 90 percent

139-Unit Senior Living Community Opens in Stillwater, Minnesota

STILLWATER, MINN. — The Lodge, a 139-unit senior living community, has opened in Stillwater, about 30 miles east of Minneapolis. The Lodge is the first phase of three planned phases at The Lakes at Stillwater, a $70 million senior campus near Long Lake managed by The Goodman Group. The Lodge offers independent living, assisted living, memory care and care suites for rent. The Goodman Family Operating Foundation and Intergenerational Living & Health Care Inc. are co-owners of ILHC of …

SLIB Negotiates $13.2M Sale of Seniors Housing Community in Savannah

SAVANNAH, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Commons, an independent living, assisted living and memory care community in Savannah. A partnership between Equus Development and Thrive Senior Living purchased the community for $13.2 million. The property offers 209 units approximately eight miles southwest of the city’s historic downtown district. The majority of the units — 149 — are designated for independent living. All the assisted living …

Monarch Private Capital Invests in $20M Affordable Seniors Housing Complex Near Atlanta

COVINGTON, GA. — Monarch Private Capital (MPC) has invested an undisclosed amount of equity in Harmony at Covington Apartments, a 122-unit affordable seniors housing community in Covington, through the low-income housing tax credit (LIHTC) program. The complex will be situated at the corner of Covington Bypass and Ga. Highway 36, two miles south of downtown Covington and 35 miles east of downtown Atlanta. MPC is partnering with Hill Tide Development, Timshel Development, CRN Development and …

Oakmont Senior Living Plans 90,000 SF Community in Southern California

OXNARD, CALIF. — Oakmont Senior Living has announced plans for Oakmont of Riverpark, slated to open this winter in Oxnard, a coastal city approximately 70 miles west of Los Angeles. Senior living veteran Gina Salman will be executive director of the 90,000-square-foot, resort-style senior living community located on three acres. The property will feature 59 assisted living and 25 memory care apartment homes. A marketing information center is already open at the …

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