LCS Development Nears Completion of $154.5M, 180-Unit CCRC Expansion Near Seattle
ISSAQUAH, WASH. — LCS Development, a developer of continuing care retirement communities (CCRCs) throughout the United States, has nearly completed the Phase II expansion of Timber Ridge at Talus, a CCRC in the Seattle suburb of Issaquah.
National Health Investors (NYSE: NHI), a major healthcare REIT, is providing the funding for the $154.5 million expansion. When completed, the project will add 145 independent living apartments, 14 assisted living apartments, a new 12-bed memory care neighborhood and nine private nursing suites. The project will also add a new dining venue, an indoor swimming pool and a 190-seat auditorium.
Phase I of Timber Ridge was completed in 2008 as a 10-acre portion of a 630-acre, master-planned Talus community. The site is located near the 3,100-acre Cougar Mountain Wildland Park.
The expansion is 80 percent completed, according to LCS Development. The auditorium and memory care neighborhood will open for residents this month.
Westminster Capital is a joint venture partner on the development. LCS Development is a subsidiary of LCS and a sister company of Life Care Services, which operates Timber Ridge at Talus.