BOCA RATON, FLA. — Fairstead has acquired Gould House, a 101-unit Section 8 seniors housing community in Boca Raton. The property is located on the Jewish Federation of South Palm Beach County Campus. While the seller and price were not disclosed, Fairstead did unveil plans for a $6 million rehabilitation of the entire complex. The project will include new kitchens, baths, lighting, HVAC, flooring and windows for all apartments, as well as common area improvements to the security systems, grounds, lobbies, community room and management office. Fairstead financed the acquisition through the issuance of federal Low-Income Housing Tax Credits (LIHTC) and tax-exempt bonds from the Housing Finance Authority of Palm Beach County. The Freddie Mac lender/bond purchaser in the transaction was Berkadia Commercial Mortgage LLC, and the LIHTC investor was Regions Affordable Housing LLC.
ORANGE CITY, FLA. — Atlantic Housing Partners LLLP will open Parc Hill Senior Living Apartments, an 88-unit affordable seniors housing community in Orange City, later this summer. The $15 million development will have units reserved for residents earning between 40 and 80 percent of the area median income (AMI). The property offers one- and two-bedroom floor plans, and each unit features granite countertops, CleanSteel energy-efficient appliances and screened-in patios. Communal amenities include a clubhouse with dedicated senior resident activities center, Collector’s Edition 1965 Mustang Pool Table, business center, heart-healthy cardio and fitness studio and pedestrian-friendly sidewalks. The community is located at 1010 Skyline Loop, equidistant between Daytona Beach and Orlando. The general contractor was ConcordRents. The project’s financing includes $7.5 million in tax-exempt bonds from the Housing Finance Authority of Volusia County, $5.8 million from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. and equity from the developer.
MULVANE, KAN. — Boston Capital has invested in the development of Homestead Senior Residences Mulvane II, a 24-unit affordable seniors housing community in Mulvane, approximately 16 miles southwest of Wichita. The partner is Homestead Affordable Housing Inc. The property will be located adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit development built in 2012. The amount of Boston Capital’s investment was not disclosed. LK Architecture LLC designed the community, which will be restricted to residents age 62 or older and who earn up to 80 percent of the area median income (AMI). More specifically, 12 units are reserved for seniors earning 60 percent or less of the AMI and eight units are for seniors earning 30 percent or less of the AMI. One unit will feature a preference toward homeless and special needs populations. Located in six one-story, four-plex buildings, the apartment community will feature 12 one-bedroom and 12 two-bedroom homes. The apartment community will be built with tax credit equity from the low-income housing tax credit (LIHTC) program. To date, Boston Capital has invested in nearly 2,500 affordable apartments in Kansas.
EVANSTON, ILL. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Evanston, a 169-unit active adult community in Evanston. The community, reserved for residents 55 years of age or older, offers a mix of one- and two-bedroom units. Amenities include a bistro bar, business center, activity center, pet spa, dog run, fitness center, theater room and chef’s kitchen. On the 18th floor, residents have access to a rooftop deck with a pool and fire pits. Daily activity offerings include fitness classes, game nights, cooking classes and community happy hours. Allegro Management Co. operates the property.
KAPOLEI, HAWAII — Highridge Costa, in partnership with Honolulu-based Coastal Rim Properties, has completed the first phase of Hale Moena Kupuna, a $130 million affordable seniors and multifamily rental community in Kapolei on the island of Oahu. The first phase is a 13-story high-rise designated for seniors, featuring 153 affordable apartments in a mix of studio, one- and two-bedroom floor plans. Upon full build-out, the three-phase Hale Moena Kupuna will offer two 13-story residential towers with ground-level retail and commercial space. Communities amenities include a community meeting room, picnic area and a community workspace with high-speed internet access. The development is being financed with a combination of tax-exempt bonds, tax credit equity and a $10.7 million rental housing revolving fund loan from the Hawaii Housing Finance and Development Corp. Citibank is serving as the construction lender and Aegon is the tax credit investor.
KT Urban Receives Approval for Westport Cupertino Seniors Housing, Multifamily Project in California
CUPERTINO, CALIF. — The City of Cupertino Planning Commission has approved the development of Westport Cupertino, a seniors housing and multifamily community in Cupertino. KT Urban is developing the property. The mixed-use project has now cleared all required approvals except the City Council, which plans to review the proposal in the next month. Located at 21267 Stevens Creek Blvd., Westport Cupertino will feature 206 senior living apartments, including 48 affordable units and 27 memory-care units, and 88 single-family units in a mix of row home and townhome styles. In addition, the development includes 20,000 square feet of retail. The site is located across the street from De Anza College and the Cupertino Senior Center. Community amenities will include an on-site library, theater, lounge, restaurant, café, roof deck and terrace, medical offices and exercise rooms providing a range of activities and support for senior residents. Additionally, the project will feature below-grade parking, electrical vehicle charging stations and bicycle parking. The project is a redevelopment of the former 71,254-square-foot Oaks Shopping Center, which sits on an 8.1-acre site. KT Urban’s original plan was rejected by the City Council in 2017, but the new proposal includes the addition of seniors housing and below-market-rate units. …
INDIANAPOLIS — Discovery Senior Living has unveiled plans for a multi-million-dollar capital investment and renovation of Discovery Commons at College Park, a 116-unit independent living community located in Indianapolis. The multi-phase project will include interior and exterior improvements. The initial phase will include new seating and gathering areas, including an upgraded lobby. Interior enhancements will also include renovated bathrooms, new flooring, lighting, furniture and décor as well as a new color palette. The initial phase is underway with completion slated for late summer. The second phase calls for a renovation of the dining room, enhancements to the community’s kitchen and design upgrades for the resident corridors and library. New furniture for both the interior and exterior of the community will be included in the second phase, which is set to begin late this year. Discovery has owned and operated the property since July 2019. Discovery Design Concepts is leading the interior design aspect of the project.
MADISON, GA. — Vitality Living has formed a development partnership with Hillpointe LLC to build Vitality Living Madison, which is currently under construction. Upon full buildout, the project will feature 332 units of seniors housing in Madison, which is approximately 60 miles east of downtown Atlanta. Located on 73 acres, Vitality Living Madison will be built in phases. Phase I will feature a mix of two-bedroom independent living villas and one-bedroom apartments, as well as amenities including a fitness center. Phase II will add assisted living and memory care units to the development. A leasing center is already open in advance of the scheduled opening late this year. This will be Vitality’s first community in Georgia. The operator currently has seniors housing assets in Tennessee, Alabama, Texas and Florida.
SPRINGFIELD, PA. — Tryko Partners has acquired Harlee Manor and Springfield Commons, a two-building seniors housing campus totaling 173-units in Springfield, a western suburb of Philadelphia. Located on more than six acres at 463 West Sproul Road, the property will be renamed Springfield Enhanced Senior Living. Tryko will invest $2.5 million in renovations and specialty care programming enhancements. The skilled nursing and personal care components will be known as Springfield Rehabilitation & Healthcare Center and Springfield Crossings, respectively. The campus offers convenient access to Springfield Hospital, Delaware County Memorial Hospital, Taylor Hospital and Crozer-Chester Medical Center. M&T Bank provided acquisition financing. The seller was undisclosed.
ROCK HILL, S.C. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged a $19.8 million loan for HarborChase of Riverwalk, a recently opened assisted living and memory care community in Rock Hill. The borrower, private equity firm BridgeForth Capital, will use the funds to refinance the construction loan. Operated by Harbor Retirement Associates, HarborChase of Riverwalk is an 88-unit property located within the Riverwalk master-planned development. The community, which opened February, is located 25 miles south of Charlotte. Richard Swartz, Jay Wagner and Tim Hosmer of Cushman & Wakefield arranged the loan through Saperean Capital.