CHANDLER – SilverLeaf at Chandler II, a 44-unit seniors affordable housing complex and Phase II of SilverLeaf at Chandler, is scheduled to be completed in April 2012 by Mabank-based Solutions Plus!, Inc. Boston Capital has invested in the construction of the development, located at 801 FM 2010 in Chandler, which will include 22 duplex buildings with 20 one-bedroom units and 24 two-bedroom units. SilverLeaf at Chandler II will adjoin the 30-unit Phase I of SilverLeaf at Chandler, which is fully leased. The seniors affordable housing development is being built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program, and it is available to seniors ages 55 and older earning 60 percent or less of the Area Median Income (AMI). In addition to a community room and central laundry area, the developer will arrange for support services for residents including basic audit education, legal assistance, credit counseling, and health and nutritional courses.
CHESTER, ILL. — Marcus & Millichap has brokered the sale of St. Ann's Healthcare Center, a 119-bed skilled nursing facility located in Chester. The property was constructed in 1937 and expanded in 1976. It traded between two undisclosed parties for $1.45 million. Mark Myers, senior director of Marcus & Millichap's National Seniors Housing Group, arranged the deal.
GEORGETOWN AND KYLE — McFarlin Group and its development partner, Stroud Development, are developing two Orchard Park assisted living and memory care communities in Georgetown and Kyle. Orchard Park of Georgetown will be located adjacent to the southern entrance of Del Webb's Sun City Texas, the largest active adult community in Texas, off Williams Drive and Del Webb Boulevard in Georgetown. The 70,000-square-foot Orchard Park of Georgetown will be situated on 6 acres of land with room for expansion. It is expected to break ground by 2012. Meanwhile, Orchard Park of Kyle will be situated on 5 acres within Plum Creek, a 2,200-acre mixed-use, master-planned community, and adjacent to Texas Trust State Bank near Kyle Parkway and Cromwell Drive in Kyle. Both Orchard Park communities are being designed by experienced senior assisted living architect Galier, Tolson and French of Belford. McFarlin Group and Stroud Development have also announced plans for another development south of Houston and anticipate the start of construction on Orchard Park of Odessa in the next few months.
LONG BEACH, CALIF. — New Hope Home, a 140-unit senior housing development in Long Beach, has undergone a significant renovation thanks to Boston Capital. The real estate investment and advisory firm executed the rehab with tax credit equity from the Low Income Housing Tax Credit program. The eight-story New Hope Home features 84 studios and 56 one-bedroom units that are available to seniors ages 62 and older who earn less than 60 percent of the area's median income.
KENOSHA, WIS. — Marcus & Millichap has completed the sale of Golden Living Centers of Kenosha, a 97-unit senior housing property located in Kenosha for $3.95 million. The property traded for approximately $500,000 above the asking price despite the expiring lease of the tenant, a national nursing home company. Mark Myers of Marcus & Millichap's Chicago office and Ray Giannini of the firm's Milwaukee office, both of whom are also members of the firm's National Seniors Housing Group, arranged the deal. Matt Fitzgerald of Marcus & Millichap's Milwaukee office provided additional representation.
VENICE & NEW PORT RICHEY, FLA. — Marcus & Millichap has facilitated the sale of two assisted living properties in Florida, totaling 82,112 square feet, for $8.5 million. Summerville of Venice, located at 200 N. Nassau St., has 90 licensed beds and 78 units. Summerville of New Port Richey, located at 5539 Charles St., consists of 100 licensed beds and 70 units. Krone Weidler, of Marcus & Millichap’s Tampa office, represented the Seattle-based seller, Emeritus, and the buyer, Aliso Viejo, Calif.-based Nelson Brothers Professional Real Estate.
KANSAS CITY — A joint venture between Hunt Midwest Real Estate Development and Principal Senior Living Group is developing four senior housing projects in the Kansas City metro area. The total cost for the four projects will be approximately $30 million. One of the communities has already broken ground. Construction began in May for Benton House at Shoal Creek, an 80-bed assisted living facility located within the Benton Place master-planned community in Kansas City, Mo. The second project, which will break ground this summer, will be Benton House of Lee's Summit, an assisted living city to be located at the intersection of U.S. Highway 50 and Todd George Road in Lee's Summit, Mo. Both projects will be complete by next spring. Plans for the other two projects were not disclosed.
KERRVILLE — The Cirrus Group, a healthcare development company, and its development partner McFarlin Group have begun construction on River Point of Kerrville Assisted Living and Memory Care, a senior living community located on Bandera Highway in Kerrville. Upon completion in spring 2012, the property will offer 33 assisted living units and 20 memory care units built on a site with views of the Guadalupe River. The Cirrus Group has developed multiple healthcare properties across the nation with McFarlin Group, including Orchard Park of McKinney in McKinney, Texas.
ROUND ROCK — The Wyoming Springs Assisted Living and Memory Care facility, located at 7230 Wyoming Springs Dr. in Round Rock, has broken ground. The 90,000-square-foot senior community will feature 102 assisted living units, 32 of which will be dedicated to memory care residents. Amenities will include stainless steel refrigerators and microwaves, walk-in closets and emergency call systems in each unit. Austin-based TRISUN Healthcare and Prevarian Senior Living are developing the property.
RANDALLSTOWN, MD. — The 105-unit The Greens at Liberty Road Senior Apartments in Randallstown is now open. Enterprise Homes developed the $15.6 million complex, which meets the requirements of the Enterprise Green Communities Criteria through its reflective roof, HVAC systems, low-VOC paint, “green” label carpet, water-conserving plumbing fixtures and more. Amenities include a multi-purpose room, fitness center, media center, sewing room, laundry facilities and a computer room. The project is managed by Habitat America.