Seniors Housing

SLIB Negotiates Sale of 40-Unit Renew Saddle Rock Memory Care in Aurora, Colorado

by Amy Works December 12, 2023

AURORA, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Renew Saddle Rock Memory Care in Aurora, approximately 20 miles southeast of Denver. The asset features 40 units and 52 beds and was built in 2015. The property totals 38,585 square feet on approximately 4.7 acres of land. The seller was an out-of-state private equity group with a third-party operator divesting the asset to exit the senior living space. The buyer was an experienced Denver-based owner-operator looking to grow its portfolio. The price was not disclosed. Vince Viverito, Ryan Saul and Jason Punzel of SLIB handled the transaction.

December 12, 2023

Development Multifamily New Jersey Northeast Seniors Housing

Chelsea Senior Living Opens Community in Washington Township, New Jersey

by Taylor Williams December 11, 2023

WASHINGTON TOWNSHIP, N.J. — Chelsea Senior Living has opened The Chelsea at Washington Township, an assisted living and memory care community in Washington Township, a suburb of Philadelphia. Capitol Seniors Housing (CSH) owns the property. The number of units was not disclosed. This will be Chelsea’s second community in Bergen County, 18th in New Jersey and 23rd overall. Chelsea and CSH are working together on their next community in the New York City suburb of West Orange, New Jersey, which is projected to open in 2025.

December 11, 2023

Acquisitions Affordable Housing Illinois Midwest Multifamily Seniors Housing

Standard Communities Acquires 214-Unit Senior Living Community in Mount Prospect, Illinois

by Kristin Harlow December 8, 2023

MOUNT PROSPECT, ILL. — Standard Communities has led a public-private partnership that acquired Huntington Towers in Mount Prospect for an undisclosed price. The transaction preserves affordability for the 214-unit senior living community for the next 30 years. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development. Located at 551-571 W. Huntington Commons Road, Huntington Towers was built in 1978. Planned renovations include new flooring, kitchen cabinet hardware, countertops, ranges, refrigerators, microwaves and toilets. Light fixtures will be replaced, hallways will be painted and new carpet will be installed. New amenities will include a fitness center and business center. A new rooftop solar system will reduce the property’s carbon footprint by more than 215 tons of carbon dioxide per year. A resident services coordinator will be added to the staff.

December 8, 2023

Affordable Housing Development Kentucky Multifamily Seniors Housing Southeast

Woda Cooper, Housing Services Alliance Open Affordable Seniors Housing Community in Walton, Kentucky

by John Nelson December 7, 2023

WALTON, KY. — Affordable housing developer Woda Cooper Cos. Inc. and Housing Services Alliance have opened Haven Crossing, an affordable seniors housing community in Walton, approximately 20 miles south of Cincinnati. Haven Crossing is a three-story, elevator-served building that provides 33 one-bedroom units and 24 two-bedroom units. It is restricted to residents age 55 and over earning 30 percent to 80 percent of the area median income (AMI). Project partners included Kentucky Housing Corp., Boone County, City of Walton, Marble Cliff Capital and First Financial Bank. Primary financing for the $13.2 million property was supported through the allocation of Low-Income Housing Tax Credit (LIHTC) equity by Kentucky Housing Corp. Marble Cliff Capital invested in the tax credits to provide equity financing. First Financial Bank invested in the project via MCC, and provided the construction loan. Cedar Rapids Bank & Trust is providing permanent debt for the project. Other partners on the project included Grimm Architecture, Chadan Engineering Inc. and Woda Construction Inc. Woda Management & Real Estate will handle leasing and management.

December 7, 2023

Development Loans Massachusetts Multifamily Northeast Seniors Housing

United Group Receives $35M Construction Loan for Active Adult Project in Worcester, Massachusetts

by Taylor Williams December 7, 2023

WORCESTER, MASS. — The United Group of Cos. Inc. has received a $35 million construction loan for The Arbella at Bramble Hill, a 123-unit active adult project that will be located in the central Massachusetts community of Worcester. The property will span 17 acres and offer one- and two-bedroom apartments across three buildings. The community will also feature an 8,500-square-foot clubhouse. JLL arranged the debt through The Washington Trust Co. on behalf of United Group. Construction is scheduled for an early 2025 completion.

December 7, 2023

Acquisitions Features Multifamily Seniors Housing

Seniors Housing Acquisitions Make More Sense Than Development in Today’s Market, Says Benchmark CEO Tom Grape

by Jeff Shaw December 7, 2023

The dearth of new supply in the seniors housing space is a double-edged sword, says Tom Grape, founder, chairman and CEO of regional operator Benchmark Senior Living. While the lack of new product has provided a much-needed lift to operators of existing communities seeking to boost occupancy, it’s also a missed opportunity for developers chomping at the bit to start new projects. The year-over-year (YOY) inventory growth in seniors housing was 1.3 percent in the third quarter, nearly the smallest YOY growth since 2012, according to NIC MAP. Grape foresees the possibility of even slower inventory growth in the near term. “We’ve got a development pipeline, but we’re sort of parking it. Construction costs remain high. We’re starting to see early signs that maybe those are softening a bit, but nothing has really softened materially,” said Grape during the keynote interview at the seventh annual InterFace Seniors Housing Northeast conference in Philadelphia on Wednesday, Nov. 29. Laura Cambria of KARE, senior vice president of operations at KARE, a senior living staffing app that connects caregivers with operators, conducted the interview. France Media’s InterFace Conferece Group and Seniors Housing Business hosted the conference at the Hilton Philadelphia at Penn’s Landing. The daylong event …

December 7, 2023

Development Multifamily Seniors Housing Texas

JPI Begins Leasing 185-Unit Independent Living Community in Anna, Texas

by Taylor Williams November 30, 2023

ANNA, TEXAS — Locally based developer JPI, in partnership with the City of Anna, has begun leasing Parmore Anna Senior Living, a luxury independent living community located approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior housing developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. Rents start at $1,100 per month for a one-bedroom unit.

November 30, 2023

Acquisitions Alabama Seniors Housing Southeast

Ziegler Brokers Sale of 316-Unit Seniors Housing Property in Birmingham

by John Nelson November 29, 2023

BIRMINGHAM, ALA. — Ziegler has served as sell-side financial advisor for the sale of St. Martin’s in the Pines, a 316-unit continuing care retirement community (CCRC) in Birmingham. Diversicare Healthcare Services acquired the property from the independent ownership board for an undisclosed price. Located in the eastern outskirts of the city near the Mountain Brook and Homewood suburbs, the property is near the University of Alabama at Birmingham (UAB) and the UAB hospital system. St. Martin’s in the Pines comprises a four-story independent living facility with 97 apartments, a two-story assisted living and memory care facility with 40 assisted living units and 51 memory care units, and a skilled nursing campus with 128 skilled nursing and short-term rehabilitation beds. It is the second largest skilled nursing campus in Alabama, according to Ziegler. Diversicare is recognized as a premier provider of post-acute care and is the largest skilled nursing provider in Alabama with 19 campuses in the state.

November 29, 2023

Affordable Housing Development Indiana Loans Midwest Multifamily Seniors Housing

Merchants Capital Provides $17.4M in LIHTC Equity Financing for Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow November 29, 2023

FORT WAYNE, IND. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne. Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income. The units are designed to support senior and special needs with features such as handrails, grab bars, intercoms, limited access and video surveillance. Completion is slated for April 2025.

November 29, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

OneLife Senior Living Acquires 70-Unit Property in Suburban Chicago

by Kristin Harlow November 29, 2023

VERNON HILLS, ILL. — OneLife Senior Living has acquired the former Springs of Vernon Hills Alzheimer’s Special Care Center in the Chicago suburb of Vernon Hills. The firm has since rebranded the 70-unit property as The Laurel at Vernon Hills. OneLife retained all 59 staff members, and reviewed and updated benefits, wages and best practices for staffing. OneLife reduced temporary agency staff and increased permanent team members. The Laurel at Vernon Hills provides memory care services for people with Alzheimer’s and other forms of dementia. The community features large hallways, a circular design, fully enclosed courtyards and enhanced security. The seller and sales price were not provided.

November 29, 2023

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