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Seniors Housing

DevelopmentMidwestMinnesotaMultifamilySeniors Housing

Kraus-Anderson Completes $41.8M Expansion of Trillium Woods Retirement Community Near Minneapolis

by Kristin Harlow

PLYMOUTH, MINN. — Kraus-Anderson has completed Phase 2 of a $41.8 million expansion of Trillium Woods, an independent living retirement community located at 5855 Cheshire Parkway in the Minneapolis suburb of Plymouth. Designed by Pope Design Group, the 160,321-square-foot, five-story expansion consists of 18 assisted living units, 16 assisted living memory care units, 52 independent living units and 67 underground parking spaces. Trillium Woods is a Life Plan Community that provides wellness services and levels of senior care, including memory care, skilled nursing and rehabilitation. The prairie-style community is surrounded by 46 acres of walking and hiking trails and features an indoor pool, salon, day spa, fitness center, pub, café, pickleball court, library, auditorium, art studio, guest suites and fine dining. Construction began in April 2024.

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LoansMontanaMultifamilyOregonSeniors HousingWestern

Integrated Senior Foundation Receives $79.3M Acquisition Financing for Three Seniors Housing Communities in Oregon, Montana

by Amy Works

BREA, CALIF. — Integrated Senior Foundation, a nonprofit senior living provider, has received $79.3 million in tax-exempt, floating-rate financing for the acquisition of three properties located in Oregon and Montana.  The communities include Magnolia Gardens in Cottage Grove, Ore.; Wiley Creek in Sweet Home, Ore.; and The Lodge in Great Falls, Mont. Together, the properties total 287 units, with 23 independent living, 190 assisted living and 74 memory care units. Magnolia Gardens features 101 units with a full continuum of care. Wiley Creek comprises 108 units, including independent living, assisted living and memory care residences. The Lodge totals 78 assisted living units.  JLL secured the financing on behalf of Brea, Calif.-based Integrated Senior Foundation.

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AcquisitionsCaliforniaLoansMultifamilySeniors HousingWestern

Harrison Street Acquires 153-Unit Seniors Housing Community in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — Harrison Street has received a loan to facilitate the acquisition of a 153-unit senior living community located in Carlsbad. Oakmont Santianna totals 153 units, including independent living, assisted living and memory care residences. Oakmont Management Group developed the property, which opened in 2022.  BWE arranged the financing, which includes a 10-year, fixed-rate loan with full-term interest-only payments. A life insurance company provided the loan. Oakmont Management Group will continue to operate the community on behalf of the new ownership. 

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FeaturesSeniors Housing

REITs Are in Hot Pursuit of Seniors Housing Assets

by Hayden Spiess

By Beth Mattson-Teig Real estate investment trusts (REITs) have their foot firmly on the gas when it comes to acquiring seniors housing assets, and they’re taking full advantage of the opportunity to buy at below replacement cost.  The appetite to grow portfolios, particularly on the private pay side of independent living, assisted living and memory care, comes as no surprise given the combined tailwinds of growing consumer demand and a slowdown in new supply.  While the aging population has led to accelerating demand, the high cost of development has forced a sharp pullback in new deliveries. Between now and 2035, the 85-plus population is expected to grow nearly 60 percent, increasing from approximately 7 million to more than 11 million. At the same time, developers are tapping the brakes on new projects.  In the first quarter of 2025, seniors housing construction starts in 31 primary markets tracked by NIC MAP totaled 1,076 units for properties that are a majority independent living or majority assisted living, the lowest count since 2009.  “Frankly, investors have been waiting for this boomer generation to hit and start to move into seniors housing for some time. It’s been anticipated, and it’s now actually starting to …

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DevelopmentFloridaSeniors HousingSoutheast

Lifespace Breaks Ground on $49M Expansion Project for Seniors Housing Community in South Florida

by John Nelson

DELRAY BEACH, FLA. — Lifespace Communities has broken ground on a $49 million expansion project at Harbour’s Edge, a senior living community in Delray Beach, a city in South Florida’s Palm Beach County. Upon completion, the expansion will add 24 assisted living apartments and 16 memory care apartments to the property, as well as new amenities. These planned additions include a garden with a walking path, third-floor terrace for assisted living residents, spa, bar, wellness gym, dedicated dining rooms, kitchens and activity spaces. Lifespace, a nonprofit organization that owns and operates 15 seniors housing properties across seven states, plans to begin construction on the expansion next week.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheastSeniors Housing

Partnership Breaks Ground on 66-Unit Affordable Seniors Housing Project in New Brunswick, New Jersey

by Taylor Williams

NEW BRUNSWICK, N.J. — A partnership between Pennrose and The New Brunswick Housing & Redevelopment Authority has broken ground on Hildebrand Commons, 66-unit affordable seniors housing project that will be located in Central New Jersey. The six-story building will offer one- and two-bedroom apartments that will be reserved for households earning 20 to 60 percent of the area median income. Five apartments will be set aside for formerly homeless individuals. Amenities will include a community room, fitness center and an outdoor courtyard. The first move-ins are expected to begin in fall 2026.

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AcquisitionsMidwestMultifamilySeniors HousingWisconsin

Marcus & Millichap Brokers $9.5M Sale of Skilled Nursing Facility in Merrill, Wisconsin

by Kristin Harlow

MERRILL, WIS. — Marcus & Millichap has brokered the $9.5 million sale of Pine Crest Nursing Home facility in Merrill, a city in central Wisconsin. The 120-bed property is located at 2100 E. 6th St. Operated by North Central Health Care, the facility features 117 units, including 105 private rooms and 15 semi-private rooms. The asset has served the area for nearly 70 years with several phases of construction, including the recent addition of a memory care unit, rehabilitation center and special care units. Ray Giannini of Marcus & Millichap represented the seller and procured the buyer. The property is the only skilled nursing facility in Merrill and was 70 percent occupied at the time of sale, according to Giannini.

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AcquisitionsMultifamilySeniors HousingTexas

Capital Square Acquires 62-Unit Active Adult Community in Fredericksburg, Texas

by Taylor Williams

FREDERICKSBURG, TEXAS — Capital Square has acquired Woodland Cottages, a 62-unit active adult community located in the Central Texas city of Fredericksburg. Woodland Cottages offers 20 one-bedroom and 42 two-bedroom residences that have average sizes of 899 and 1,355 square feet, respectively. Amenities include a pool, fitness center, clubhouse and dedicated resident concierge services. The seller and sales price were not disclosed.

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DevelopmentMichiganMidwestMultifamilySeniors Housing

Lockwood Senior Living Opens $46M Community in Hartland, Michigan

by Kristin Harlow

HARTLAND, MICH. — Lockwood Cos. has opened Lockwood of Hartland, a 146-unit senior living community in Hartland, about 50 miles northwest of Detroit. The $46 million project offers one- and two-bedroom independent living apartments, all with private patios or balconies. Sixty-one of the units are designated as affordable housing. The property is situated on 17 wooded acres with nature trails. Amenities include chef-prepared meals, a fitness room, life enrichment programs, a barber shop, beauty salon and theater.

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CaliforniaDevelopmentMultifamilySeniors HousingWestern

Hawthorn Senior Living Opens 149-Unit Independent Living Community Near Sacramento

by Amy Works

RANCHO CORDOVA, CALIF. — Developer, owner and operator Hawthorn Senior Living has opened Bear Hollow Estates, a new independent living community located in Rancho Cordova, roughly 15 miles outside Sacramento. Totaling 149 units, the property features studio, one- and two-bedroom apartments. Amenities at the $46.5 million development include a fitness studio, movie theater, billiards lounge, pub, salon and library. Outdoor features include walking paths, raised garden beds and a fire-pit courtyard. This marks Hawthorn Senior Living’s sixth community in California. Hawthorn’s national portfolio comprises more than 70 communities. 

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