GENEVA, ILL. — Lifespace Communities has acquired GreenFields of Geneva, a nonprofit, 257-unit continuing care retirement community (CCRC) in Geneva, approximately 40 miles west of downtown Chicago. Friendship Senior Options (FSO) sold the property for an undisclosed price. FSO will continue to provide management services through June, at which time the community will fully transition onto Lifespace management, systems and support. The sale brings Lifespace’s total portfolio to 18 communities, including three in metro Chicago. Located on 26 acres bordering two championship golf courses, GreenFields includes walking paths, a fishing pond and a 3.5-acre native prairie. More than 200 residents call the community home. GreenFields opened its doors in 2012.
Seniors Housing
Alameda Housing Authority Receives $20.6M for North Housing Senior Apartments Development in California
by Amy Works
ALAMEDA, CALIF. — The Alameda Housing Authority (AHA) has received $20.6 million from the State of California Department of Housing and Community Development. The funds will support development of North Housing Senior Apartments, an affordable housing community in the island city, located just south of Oakland in San Francisco Bay. North Housing is the first phase of a long-planned community development project. Plans call for 40 studio apartments, 23 one-bedroom units and a two-bedroom residence for the onsite manager. The land, which AHA originally owned in the 1940s, was granted back to AHA in 2019 via the Surplus Land Act by the U.S. Navy. The land will now serve as the home for a property that houses military veterans — 25 percent of the residents at North Housing will be veterans in need of supportive housing. Island City Development (ICD), an affiliate of AHA, will be the developer of this project. HKIT Architects designed the property, which FPI Management will operate. Groundbreaking is scheduled for late 2023 or early 2024.
HOMEWOOD, ILL. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Freedom Village, a 198-unit affordable seniors housing community in Homewood, a southern suburb of Chicago. The purchase price and seller were undisclosed. Originally built in 1998 with tax credits from the Illinois Housing Development Authority, the property rises three stories. All of the units are reserved for residents who earn up to 60 percent of the area median income. As of November 2022, the community was 98.5 percent leased. Amenities include a community kitchen, outdoor patio, fitness center, game room, library and laundry facilities.
TACOMA, WASH. — Merrill Gardens Senior Living has opened Merrill Gardens at Wright Park in the historic Stadium District in Tacoma. Merrill Gardens co-developed the property with Rush Development. The community features 115 independent living and assisted living apartments in studio, one- and two-bedroom layouts, as well as 18 memory care units. The main floor of the community features 2,600 square feet of retail space that includes an on-site urgent care clinic. Merrill Gardens will manage the senior living community and Rush will manage the retail space. The community mixes urban living and access to green space along with unobstructed views of Commencement Bay, Mt. Rainier, The Cascades and The Olympics.
Northmarq Facilitates $38.1M Construction Financing for Seniors Housing Project in Metro Richmond
by John Nelson
MIDLOTHIAN, VA. — Northmarq has arranged a $38.1 million construction loan for the development of Lake Forest at Swift Creek, a 176-unit seniors housing project at 5950 Harbour Lane in Midlothian, roughly 15 miles outside of Richmond. The borrower, The Holladay Corp., is developing the community, which will comprise one building on 11.7 acres that is designed for active adults ages 55 and older. Keith Wells, Hunter Wood, Reina Abboud and Mike Lowry of Northmarq’s Richmond office secured the financing through Sandy Spring Bank. Delivery is scheduled for 2024.
LOS ANGELES — Sherman & Roylance has arranged new leases for two skilled nursing facilities totaling over 150 licensed beds in downtown Los Angeles. Sherman & Roylance sourced a selection of competitive offers and recommended the new tenant.
GLENDORA, CALIF. — Clearwater Living has opened Clearwater at Glendora, a 117-unit assisted living and memory care community in Glendora. The property is a two-story, 117,000-square-foot property offering 88 assisted living and 29 memory support apartments with studio, companion, one- and two-bedroom layouts. It is the only assisted living and memory care community in Glendora, according to the developer. Clearwater at Glendora is the company’s 10th seniors housing community in California, Arizona and Nevada, with plans for additional developments in the pipeline.
ROUND ROCK, TEXAS — Cushman & Wakefield has brokered the sale of Franklin Park of Round Rock, a 76-unit assisted living and memory care community located about 20 miles north of downtown Austin. Completed in 2017 by Franklin Development Co., the property offers memory care and assisted living services. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller, a partnership between Franklin Park Senior Living and an unnamed institutional investor, in the transaction. The buyer was Inspired Healthcare Capital.
BILLINGS, MONT. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 32-unit assisted living facility in Billings. The community was built in 2015, spanning approximately 16,044 square feet on 1.4 acres of land. The seller was a local owner exiting the senior living market. The buyer is a nonprofit located in Montana. The price was not disclosed. Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled the transaction.
Belmont Village Senior Living Breaks Ground on 177-Unit Project in San Ramon, California
by Amy Works
SAN RAMON, CALIF. — Belmont Village Senior Living, in partnership with Sunset Development, has broken ground on Belmont Village San Ramon. Located at 6151 Bollinger Canyon Road within the Bishop Ranch neighborhood of San Ramon, the 175,320-square-foot community will feature a heated saltwater pool, putting green, farm-to-table gardening areas, al fresco dining, outdoor yoga lawn and group fitness space, and a dog park. Slated for completion by fall 2024, Belmont Village San Ramon will feature 177 studio, one- and two-bedroom residences for independent living, assisted living and memory care needs. The property will offer residents concierge and transportation services, valet parking, onsite physiotherapy, a fitness center, art studio, screening room, club lounge, full-service salon and spa, personal wine storage and multiple dining venues. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing secured the non-recourse construction financing for the project on behalf of a joint venture between Belmont Village Senior Living and Harrison Street Real Estate Capital. The project team includes W.E. O’Neil Construction and HKIT Architecture.