Seniors Housing

Sparrow Partners Opens 150-Unit Active Adult Community in Metro Houston

by Taylor Williams September 24, 2019

KATY, TEXAS — Austin-based developer Sparrow Partners has opened Soléa Cinco Ranch, a 150-unit active adult community for renters 55 and older in the western Houston suburb of Katy. Located at 25500 Westheimer Parkway, the property features one- and two-bedroom apartments, and its amenities include a dog park, fitness center, game lounge, media room, coffee bar and a library. Tenant activities at Soléa Cinco Ranch include happy hours, wine tastings, cooking classes and book clubs. A grand opening event will be held on Thursday, Sept. 26.

September 24, 2019

Development Illinois Midwest Multifamily Seniors Housing

Senior Lifestyle Corp. Breaks Ground on 200-Unit Community Near Chicago

by Kristin Harlow September 24, 2019

OAK BROOK, ILL. — Senior Lifestyle Corp., along with real estate investment firm Kaufman Jacobs, has broken ground on The Sheridan at Oak Brook, approximately 17 miles west of downtown Chicago. The five-story community will feature 127 independent living apartments, 59 assisted living apartments and 14 memory care residences. The 215,000-square-foot property will sit on 4.5 acres of land near shopping malls and dining options. The Sheridan at Oak Brook is the fourth joint venture development between Kaufman Jacobs and Senior Lifestyle, an owner, operator and developer. The community is scheduled for completion in early 2021.

September 24, 2019

Acquisitions Illinois Midwest Multifamily Seniors Housing

Elevation Financial Group Buys Two Affordable Seniors Housing Communities in Illinois for $10.7M

by Kristin Harlow September 23, 2019

SPRINGFIELD, ILL. — Elevation Financial Group has acquired two affordable seniors housing communities in Springfield, the capital city of Illinois, for a total price of $10.7 million. The first property, Homestead at Montvale, is a 160-unit community. Elevation purchased the property through its Elevation Real Property VII fund for $8.4 million. The three-story community was built in 1999. The second property is Homestead Place, a 60-unit community built in 1996. Elevation purchased the property through its Elevation Real Property Fund VI fund for $2.3 million. Both properties are low-income housing tax credit properties. Elevation will continue to operate both, rebranding Homestead Place as Serenity Manor at Spring Creek and Homestead at Montvale as Serenity Manor at Springfield.

September 23, 2019

Arizona Development Multifamily Seniors Housing Western

Cadence Living, Ryan Cos. Complete 170-Unit Seniors Housing Community in Arizona

by Amy Works September 20, 2019

MESA, ARIZ. — Cadence Living and Ryan Cos. US have completed the development of Acoya Mesa, a seniors housing community located at 6502 E. Brown Road in Mesa. Situated on seven acres, the 183,000-square-foot property features 170 apartments in a mix of studio, one- and two-bedroom layouts with full kitchens, washers/dryers, walk-in showers and 24-hour emergency lines. Community amenities include all-day restaurant-style dining, an arts and crafts talent room, raised garden beds, movie theater, salon, game room, special event hall, fitness room and residential programming. Ryan Cos., co-owner and co-developer, served as general contractor and architect for the project, which was the first joint venture between the two companies. Ryan A+E Inc. designed the community and StudioSIX5 designed the interior spaces.

September 20, 2019

Pacific-Pointe-Active-Senior-Living-Chula-Vista-CA

Acquisitions California Multifamily Seniors Housing Western

The Mogharebi Group Negotiates Sale of 111-Unit Seniors Housing Community in Southern California for $12M

by Amy Works September 20, 2019

CHULA VISTA, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Pacific Pointe Active Senior Living, a 111-unit active adult community in Chula Vista. A San Gabriel Valley-based private investor sold the community to a Los Angeles-based buyer for $12 million. Pacific Pointe is in downtown Chula Vista, located between San Diego and the border of Mexico. The property is within a mile of Scripps Mercy Hospital Chula Vista, Interstate 5 and over 1 million square feet of retail. “Due to the location and quality of this property, the potential buyer pool was significant in size,” says Otto Ozen, executive vice president of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high-net-worth private clients who are currently looking for [1031] exchange up-legs.” Alex Mogharebi and Ozen of TMG represented both the seller and buyer.

September 20, 2019

Acquisitions Massachusetts Northeast Seniors Housing Student Housing

Welltower Buys Former Newbury College Campus Near Boston for $34M

by Alex Patton September 19, 2019

BROOKLINE, MASS. — Welltower has acquired the former Newbury College campus near Boston for $34 million. The 7.8-acre campus currently features eight structures totaling 142,000 square feet, which Welltower plans to redevelop into seniors housing properties. Christopher Sower, James Elcock, Tom Hynes and Bob Cronin of Colliers International represented the seller, Newbury College in the transaction.

September 19, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Knapp Group Brokers $7.5M Sale of Two Seniors Housing Communities in Irwin, Pennsylvania

by Alex Patton September 16, 2019

IRWIN, PA. — The Knapp Group, a division of Marcus & Millichap, has brokered the $7.5 million sale of two seniors housing properties in Irwin, located approximately 20 miles southeast of Pittsburgh. Combined, the communities comprise 95 units of independent living and assisted living. One of the properties was built in 1999 and the other in 1959. The names of the facilities were not disclosed. The seller was a physician within the community looking to retire from the seniors housing business. A local owner-operator acquired the communities for $7.5 million. Joseph Knapp of the Knapp group represented the seller.

September 16, 2019

Acquisitions Indiana Midwest Multifamily Seniors Housing

Cushman & Wakefield Arranges $61M Sale of Continuing Care Retirement Community in Suburban Indianapolis

by Kristin Harlow September 16, 2019

CARMEL, IND. — Cushman & Wakefield has arranged the $61 million sale of The Barrington of Carmel, a 267-unit, entrance-fee continuing care retirement community in Carmel, a suburb of Indianapolis. The 372,000-square-foot campus includes 137 independent living units, 56 assisted living units, 26 memory care units and 48 skilled nursing beds. Amenities include a café, salon, fitness center, activity rooms, dining rooms and walking trails. Built in 2013, the property is situated on a nearly 20-acre site at 1335 S. Guilford Road. Allen McMurtry, David Kliewer and Paul Carr of Cushman & Wakefield represented the seller, Texas-based Senior Quality Lifestyles Corp. Prairie Landing Community Inc., an affiliate of Indianapolis-based BHI Senior Living, acquired the asset through a bankruptcy sale process.

September 16, 2019

Development Florida Multifamily Seniors Housing Southeast

Sonata Senior Living Plans to Develop $52M Seniors Housing Community Near Orlando

by Alex Tostado September 13, 2019

LAKE MARY, FLA. — Sonata Senior Living has announced plans to develop Sonata Lake Mary, a 193-unit seniors housing community in Lake Mary, approximately 15 miles north of Orlando. The four-story, 250,000-square-foot community will be located on a seven-acre site within Parkway Properties Inc.’s Lake Wellness & Technology Park mixed-use development. Sonata Lake Mary will feature 88 independent living, 92 assisted living and 13 memory care apartments. Sonata Senior Living expects to break ground in early 2020 for a planned 2021 opening. It will be the 12th community for the Orlando-based seniors housing developer and operator. Development costs were estimated at $52 million. The location of Sonata Lake Mary within the 153-acre, $750 million Lake Wellness & Technology Park will place the community in close proximity to a hospital, urgent care facility and medical pavilion. Orlando Health plans to start construction of a $470 million, 240-bed hospital in 2020, with plans for another 84,000 square feet of medical office space within walking distance to Sonata Lake Mary.

September 13, 2019

Loans Multifamily Seniors Housing Texas

CIT Provides $34M Refinancing for Seniors Housing Community Near Houston

by Taylor Williams September 13, 2019

RICHMOND, TEXAS — CIT Group has provided a $34 million loan for an assisted living community in Richmond, approximately 25 miles southwest of Houston. The loan will refinance construction debt on the Delaney at Parkway Lakes, a 207-unit community. The borrower is a joint venture between Blue Moon Capital Partners and Life Care Services (LCS).

September 13, 2019

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