Seniors Housing

Public-Private Partnership Breaks Ground on $36M Alameda Point Senior Apartments in Bay Area

by Amy Works July 15, 2019

ALAMEDA, CALIF. — The City of Alameda, Eden Housing and Alameda Point Partners have broken ground on Alameda Point Senior Apartments, a 60-unit affordable seniors housing community in Alameda, just south of Oakland. Development costs are estimated at $36 million. The community will be located at Alameda Point’s Site A, a $1 billion mixed-use, transit-oriented waterfront development on the site of the former Naval Air Station Alameda, which closed over 20 years ago. Alameda Point Senior Apartments includes 48 one-bedroom and 12 two-bedroom apartments that will be available to seniors with annual incomes from 20 to 60 percent of the Alameda County Area Median Income. Thirty units will serve seniors experiencing homelessness, of which 28 will serve veterans exiting homelessness. “Alameda has stepped up to provide homes for those without housing, most importantly for homeless veterans who have served our county,” said City of Alameda Mayor Marilyn Ezzy Ashcraft. “I can’t think of a better place to do that than at the former Naval Air Station.” Supportive services will be delivered to residents through a collaboration between Operation Dignity, Eden Housing and the VA. This development is being built using green building techniques and materials and incorporates a number of …

July 15, 2019

Development Multifamily Seniors Housing Texas

Drever Breaks Ground on 257-Unit Age-Restricted Community in Metro Houston

by Taylor Williams July 11, 2019

PEARLAND, TEXAS — California-based Drever Capital Management has broken ground on Larkspur at Shadow Creek, a 257-unit multifamily community in the southwestern Houston suburb of Pearland that will be marketed to seniors age 55 and above. The property will be situated on 12 acres and consist of a 215-unit primary apartment building with 18,000 square feet of amenity space, as well as 42 private cottages. The first units are expected to be complete in the second half of 2020. Drever also recently completed Larkspur at Twin Creeks, a 243-unit age-restricted community in metro Dallas, and is planning another age-restricted project in New Braunfels, a suburb of San Antonio.

July 11, 2019

Acquisitions Multifamily Seniors Housing Texas

Heavenrich Arranges $6M Sale of Skilled Nursing Facility Near Dallas

by Taylor Williams July 9, 2019

RICHARDSON, TEXAS — Heavenrich & Co. has arranged the sale of The Plaza at Richardson, a 124-bed skilled nursing and memory care facility in Richardson, a northeastern suburb of Dallas. O&M Investments acquired the property for $6 million, or about $58,000 per operational bed. The previous owners recently converted a wing of the facility, which was built in 2006 and upgraded in 2010, to skilled memory care. The Plaza at Richardson was 83 percent occupied at the time of the sale. Heavenrich represented the seller, StoneGate Senior Living, in the transaction.

July 9, 2019

Development Multifamily Seniors Housing Washington Western

Alliance Residential to Develop Assisted Living Community Near Seattle

by Jeff Shaw July 9, 2019

BELLEVUE, WASH. — Alliance Residential Co. is entering into the Bellevue market with a new construction senior living community to open in 2021. The property, Holden of Bellevue, will be a 136-unit assisted living and memory care facility located at 112th Ave. NE in Bellevue’s Highlands community. Architecture firm Ankrom Moisan designed the mid-rise building, and Alliance Pacific Northwest Builders was the general contractor.

July 9, 2019

Acquisitions Arizona Multifamily Seniors Housing Western

NAI Horizon Negotiates $5.4M Sale of Mobile Home Park in Metro Phoenix

by Jeff Shaw July 9, 2019

APACHE JUNCTION, ARIZ. — The NAI Horizon Manufactured Housing Investments team of Russ Warner, Andrew Warner and Victoria Filice has negotiated the $5.4 million sale of Palms Mobile Home Park, located at 1050 E. Broadway Ave. in Apache Junction. NAI Horizon represented the seller, Christine G. Weech Testamentary Trust & Hyrum Newell Weech Testamentary Trust of Safford, Ariz. Built in 1970, Palms Mobile Home Park is an age-restricted community with 89 spaces. Amenities include a clubhouse with meeting space and a kitchen, shuffleboard courts and lighted streets. The price equates to a 2.6 percent capitalization rate using 2018 actual income and expenses. The buyer was First Exchange Co., operating as a qualified intermediary for White Sands MHC LLC c/o MHC Management Services LLC of Tampa, Fla.

July 9, 2019

Development Multifamily Seniors Housing Texas

Partnership to Develop 225-Unit Seniors Housing Project Near Austin

by Taylor Williams July 8, 2019

GEORGETOWN, TEXAS — A partnership between Dallas-based MedCore Partners, developer The National Realty Group (TNGR) and operator Watermark Retirement Facilities will develop a 225-unit seniors housing community in Georgetown, a northern suburb of Austin. The property will be situated on 13.2 acres and will feature 125 independent living units, 80 assisted living residences and 20 memory care units. Construction is scheduled to begin in January 2020 and wrap up in summer 2021. A second phase is planned to add 90 independent living residences to the project, bringing the total unit count to 315.

July 8, 2019

Development Multifamily Seniors Housing Texas

Highridge Costa Opens $21M Affordable Seniors Housing Community in Cibolo, Texas

by Taylor Williams July 8, 2019

CIBOLO, TEXAS — California-based Highridge Costa Development Co. has opened El Sereno Senior Living, a $21 million affordable seniors housing community in Cibolo, a northeastern suburb of San Antonio. The property features 136 units, 119 of which are reserved for seniors earning between 30 to 60 percent of the area median income. The remaining 17 units are rented at market rates. El Sereno Senior Living is currently 90 percent occupied.

July 8, 2019

Development Midwest Minnesota Multifamily Seniors Housing

139-Unit Senior Living Community Opens in Stillwater, Minnesota

by Kristin Harlow July 8, 2019

STILLWATER, MINN. — The Lodge, a 139-unit senior living community, has opened in Stillwater, about 30 miles east of Minneapolis. The Lodge is the first phase of three planned phases at The Lakes at Stillwater, a $70 million senior campus near Long Lake managed by The Goodman Group. The Lodge offers independent living, assisted living, memory care and care suites for rent. The Goodman Family Operating Foundation and Intergenerational Living & Health Care Inc. are co-owners of ILHC of Stillwater LLC, the parent company of The Lodge at The Lakes at Stillwater. Phase II, Birchwood Landing, is underway and will offer 30 two-bedroom lake homes for rent. Phase III, Sandhill Shores, will offer 70 one- and two-bedroom luxury apartment residences for ages 55 and up. The Goodman Group expects to employ more than 70 individuals and serve more than 139 residents. JBG Design & Development is the development partner.

July 8, 2019

Acquisitions Georgia Multifamily Seniors Housing Southeast

SLIB Negotiates $13.2M Sale of Seniors Housing Community in Savannah

by Alex Tostado July 5, 2019

SAVANNAH, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Commons, an independent living, assisted living and memory care community in Savannah. A partnership between Equus Development and Thrive Senior Living purchased the community for $13.2 million. The property offers 209 units approximately eight miles southwest of the city’s historic downtown district. The majority of the units — 149 — are designated for independent living. All the assisted living areas were recently converted from a personal care license to an assisted living license, giving the new owner flexibility to adapt to different acuity levels. The 178,281-square-foot facility was built in 1986 and renovated most recently in 1998. The new owners plan to make physical plant upgrades to the property. Savannah Commons was 74 percent occupied at the time of closing. The price translates to $63,271 per unit and a capitalization rate of 6.1 percent. Bradley Clousing of SLIB represented the seller, a limited liability company controlled by HJ Sims, in the transaction.

July 5, 2019

Georgia Multifamily Seniors Housing Southeast

Monarch Private Capital Invests in $20M Affordable Seniors Housing Complex Near Atlanta

by Alex Tostado July 3, 2019

COVINGTON, GA. — Monarch Private Capital (MPC) has invested an undisclosed amount of equity in Harmony at Covington Apartments, a 122-unit affordable seniors housing community in Covington, through the low-income housing tax credit (LIHTC) program. The complex will be situated at the corner of Covington Bypass and Ga. Highway 36, two miles south of downtown Covington and 35 miles east of downtown Atlanta. MPC is partnering with Hill Tide Development, Timshel Development, CRN Development and Gateway Development Corp. to build the project, which is slated for completion in late 2020. According to MPC, the current vacancy rate for affordable, elderly targeted multifamily housing in Newton County is below 1 percent.

July 3, 2019

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