Seniors Housing

McCarthy Completes $252M Mirabella at ASU Continuing Care Retirement Community in Tempe, Arizona

by Julia Sanders February 19, 2021

TEMPE, ARIZ. — A St. Louis-based McCarthy Building Cos. has completed construction of Mirabella at ASU, a $252 million continuing care retirement community in Tempe. Pacific Retirement Services and University Realty were the developers for the project. Mirabella at ASU is located at the corner of University Drive and Mill Avenue on the campus of Arizona State University (ASU), 4.5 miles from the Phoenix Sky Harbor International Airport. The community features a 20-story, 613,992-square-foot tower with 252 apartment units ranging from 751 square feet to 2,665 square feet. Portland-based Ankrom Moissan Architects designed the tower. The community’s amenities include an indoor pool; wellness center; theater; art museum; four restaurants; event and lecture hall; game rooms; dog park; salon and spa; valet and underground parking; and a physical therapy gym. The plan behind Mirabella was to provide a unique, university-based living for residents age 62 and older. According to ASU News, residents at Mirabella can take classes at ASU, have full access to the university’s amenities and be close to the school’s sports and cultural events. Although focused on independent living, the community offers a full continuum of senior living care. Along with 52 healthcare units, Mirabella offers onsite healthcare services …

February 19, 2021

Development Multifamily Seniors Housing Texas

Gardner Capital Breaks Ground on Affordable Seniors Housing Project in Hurst, Texas

by Taylor Williams February 19, 2021

HURST, TEXAS — Gardner Capital has broken ground on Gala at Central Park, an affordable seniors housing community in the Fort Worth suburb of Hurst. The 94-unit complex, which will offer a mix of one- and two-bedroom apartments, will include a three-story residential building and a two-story clubhouse with a variety of amenities. Construction in slated for completion in early 2022. Treymore Construction will serve as general contractor for the project. Hurst Public Facility Corp. is the development partner, while NDC Corporate and Redstone are the financial partners for the transaction.

February 19, 2021

Colorado Development Multifamily Seniors Housing Western

Solterra Starts Construction of $38M Bridgewater Senior Living in Castle Rock, Colorado

by Jeff Shaw February 19, 2021

CASTLE ROCK, Colo. — Solterra Cos. has broken ground on Bridgewater Living, a 142-unit seniors housing community in Castle Rock, approximately 30 miles south of Denver. The property is located on a 6.6-acre site. Although the type of care was not disclosed, Solterra describes the development as a “health and wellness campus for those looking to live a longer and healthier life.” Development costs were estimated at $38 million. Funding was in partnership with the Douglas County Housing Authority and Multi-Family Housing Revenue Bonds. The community is scheduled to open in summer 2022.

February 19, 2021

Regina-Community-Nursing-Center-Norristown

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 121-Bed Skilled Nursing Facility in Norristown, Pennsylvania

by Taylor Williams February 18, 2021

NORRISTOWN, PA. — Private equity investment firm Tryko Partners has acquired Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, located about 12 miles northwest of Philadelphia. Built in 1980, the property is located within a 10-mile radius to nine short-term acute care hospitals. Tryko Partners plans to undertake a $3.5 million investment in physical plant renovations and specialty programming enhancements and to rebrand the property as Markley Rehabilitation & Healthcare Center.

February 18, 2021

Acquisitions California Multifamily Seniors Housing Western

Avanath Capital Purchases The Grove Senior Apartments in Garden Grove, California for $19.8M

by Amy Works February 18, 2021

GARDEN GROVE, CALIF. — Irvine, Calif.-based Avanath Capital Management has purchased The Grove Senior Apartments, an affordable seniors housing property located at 12721 Garden Grove Blvd. in Garden Grove. Meta Housing sold the asset for $19.8 million. The Grove, which is currently 100 percent occupied, features 85 units, a fitness center, club room, courtyard and bus stop directly in front of the property. Rents range from $840 to $1,729 per month for units ranging from 542 to 815 square feet. While Avanath is headquartered in Irvine and has more than 10,000 units within its nationwide portfolio, this transaction is its first acquisition in the company’s hometown market of Orange County.

February 18, 2021

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of 36-Unit Seniors Housing Property in Kerrville, Texas

by Taylor Williams February 17, 2021

KERRVILLE, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Villagio of Kerrville, a 36-unit seniors housing community in Kerrville, approximately 65 miles northwest of San Antonio. The community is located near Kerrville’s primary retail corridor and less than three miles from two large hospitals — Peterson Regional Medical Center and the Kerrville State Hospital. New Haven Assisted Living & Memory Care, a regional Texas-based operator, was the buyer. The seller and price were not disclosed.

February 17, 2021

Development Massachusetts Northeast Seniors Housing

MIT Submits Plans for 690-Bed Residence Hall Targeting Graduate Students

by Taylor Williams February 17, 2021

CAMBRIDGE, MASS. — The Massachusetts Institute of Technology (MIT) has submitted plans for a 690-bed residence hall for graduate students at 269-301 Vassar St. on the university’s campus in Cambridge, according to reports by development tracking platform Bldup. The university will develop the project with American Campus Communities, according to reports, in order to “allow MIT the financial flexibility and resources necessary to expand bed capacity and expedite capital renewal improvements.” Further details on the development were not announced.

February 17, 2021

Development Multifamily Northeast Pennsylvania Seniors Housing

College Town Communities to Develop 132-Unit Student Housing Property in Metro Philadelphia

by Taylor Williams February 17, 2021

WILLOW GROVE, PA. — College Town Communities will develop a 132-unit student housing development near the Penn State Abington campus in Willow Grove, a northern suburb of Philadelphia. The developer recently acquired the four-acre development site from Fairhill Properties for $2.5 million. Chris Pennington of Binswanger Commercial Real Estate Services brokered the land deal. The new development will offer fully furnished two-bedroom units alongside communal amenities including a clubhouse, fitness center, business center, café, media lounge and a resort-style pool. The groundbreaking is scheduled for spring.

February 17, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Harrison Street, LCB Acquire 90-Unit Seniors Housing Community Near Boston

by Taylor Williams February 17, 2021

WATERTOWN, MASS. — A joint venture between Harrison Street Real Estate Capital and LCB Senior Living has acquired The Residence at Watertown Square, a 90-apartment senior living community located in the western Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano arranged an undisclosed amount of acquisition financing for the transaction. The seller was also undisclosed.

February 17, 2021

Acquisitions Multifamily Seniors Housing Texas

Heavenrich & Co. Arranges Sale of 60-Unit Pathways Memory Care in Northwest Houston

by Taylor Williams February 16, 2021

HOUSTON — Heavenrich & Co. has arranged the sale of Pathways Memory Care, a 60-unit skilled nursing memory care facility located in Northwest Houston. The property was built in 2014 on an 80-acre medical campus that includes the Kelsey Seybold Clinic and Villa Toscana, an 86-unit skilled nursing facility that Heavenrich brokered the sale of in 2020. StoneGate Senior Living, a national owner-operator, sold the property to an undisclosed buyer for an undisclosed price.

February 16, 2021

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