Seniors Housing

Cadence Living, Ryan Cos. Complete 170-Unit Seniors Housing Community in Arizona

by Amy Works September 20, 2019

MESA, ARIZ. — Cadence Living and Ryan Cos. US have completed the development of Acoya Mesa, a seniors housing community located at 6502 E. Brown Road in Mesa. Situated on seven acres, the 183,000-square-foot property features 170 apartments in a mix of studio, one- and two-bedroom layouts with full kitchens, washers/dryers, walk-in showers and 24-hour emergency lines. Community amenities include all-day restaurant-style dining, an arts and crafts talent room, raised garden beds, movie theater, salon, game room, special event hall, fitness room and residential programming. Ryan Cos., co-owner and co-developer, served as general contractor and architect for the project, which was the first joint venture between the two companies. Ryan A+E Inc. designed the community and StudioSIX5 designed the interior spaces.

September 20, 2019

Pacific-Pointe-Active-Senior-Living-Chula-Vista-CA

Acquisitions California Multifamily Seniors Housing Western

The Mogharebi Group Negotiates Sale of 111-Unit Seniors Housing Community in Southern California for $12M

by Amy Works September 20, 2019

CHULA VISTA, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Pacific Pointe Active Senior Living, a 111-unit active adult community in Chula Vista. A San Gabriel Valley-based private investor sold the community to a Los Angeles-based buyer for $12 million. Pacific Pointe is in downtown Chula Vista, located between San Diego and the border of Mexico. The property is within a mile of Scripps Mercy Hospital Chula Vista, Interstate 5 and over 1 million square feet of retail. “Due to the location and quality of this property, the potential buyer pool was significant in size,” says Otto Ozen, executive vice president of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high-net-worth private clients who are currently looking for [1031] exchange up-legs.” Alex Mogharebi and Ozen of TMG represented both the seller and buyer.

September 20, 2019

Acquisitions Massachusetts Northeast Seniors Housing Student Housing

Welltower Buys Former Newbury College Campus Near Boston for $34M

by Alex Patton September 19, 2019

BROOKLINE, MASS. — Welltower has acquired the former Newbury College campus near Boston for $34 million. The 7.8-acre campus currently features eight structures totaling 142,000 square feet, which Welltower plans to redevelop into seniors housing properties. Christopher Sower, James Elcock, Tom Hynes and Bob Cronin of Colliers International represented the seller, Newbury College in the transaction.

September 19, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Knapp Group Brokers $7.5M Sale of Two Seniors Housing Communities in Irwin, Pennsylvania

by Alex Patton September 16, 2019

IRWIN, PA. — The Knapp Group, a division of Marcus & Millichap, has brokered the $7.5 million sale of two seniors housing properties in Irwin, located approximately 20 miles southeast of Pittsburgh. Combined, the communities comprise 95 units of independent living and assisted living. One of the properties was built in 1999 and the other in 1959. The names of the facilities were not disclosed. The seller was a physician within the community looking to retire from the seniors housing business. A local owner-operator acquired the communities for $7.5 million. Joseph Knapp of the Knapp group represented the seller.

September 16, 2019

Acquisitions Indiana Midwest Multifamily Seniors Housing

Cushman & Wakefield Arranges $61M Sale of Continuing Care Retirement Community in Suburban Indianapolis

by Kristin Harlow September 16, 2019

CARMEL, IND. — Cushman & Wakefield has arranged the $61 million sale of The Barrington of Carmel, a 267-unit, entrance-fee continuing care retirement community in Carmel, a suburb of Indianapolis. The 372,000-square-foot campus includes 137 independent living units, 56 assisted living units, 26 memory care units and 48 skilled nursing beds. Amenities include a café, salon, fitness center, activity rooms, dining rooms and walking trails. Built in 2013, the property is situated on a nearly 20-acre site at 1335 S. Guilford Road. Allen McMurtry, David Kliewer and Paul Carr of Cushman & Wakefield represented the seller, Texas-based Senior Quality Lifestyles Corp. Prairie Landing Community Inc., an affiliate of Indianapolis-based BHI Senior Living, acquired the asset through a bankruptcy sale process.

September 16, 2019

Development Florida Multifamily Seniors Housing Southeast

Sonata Senior Living Plans to Develop $52M Seniors Housing Community Near Orlando

by Alex Tostado September 13, 2019

LAKE MARY, FLA. — Sonata Senior Living has announced plans to develop Sonata Lake Mary, a 193-unit seniors housing community in Lake Mary, approximately 15 miles north of Orlando. The four-story, 250,000-square-foot community will be located on a seven-acre site within Parkway Properties Inc.’s Lake Wellness & Technology Park mixed-use development. Sonata Lake Mary will feature 88 independent living, 92 assisted living and 13 memory care apartments. Sonata Senior Living expects to break ground in early 2020 for a planned 2021 opening. It will be the 12th community for the Orlando-based seniors housing developer and operator. Development costs were estimated at $52 million. The location of Sonata Lake Mary within the 153-acre, $750 million Lake Wellness & Technology Park will place the community in close proximity to a hospital, urgent care facility and medical pavilion. Orlando Health plans to start construction of a $470 million, 240-bed hospital in 2020, with plans for another 84,000 square feet of medical office space within walking distance to Sonata Lake Mary.

September 13, 2019

Loans Multifamily Seniors Housing Texas

CIT Provides $34M Refinancing for Seniors Housing Community Near Houston

by Taylor Williams September 13, 2019

RICHMOND, TEXAS — CIT Group has provided a $34 million loan for an assisted living community in Richmond, approximately 25 miles southwest of Houston. The loan will refinance construction debt on the Delaney at Parkway Lakes, a 207-unit community. The borrower is a joint venture between Blue Moon Capital Partners and Life Care Services (LCS).

September 13, 2019

Colorado Development Multifamily Seniors Housing Western

Erickson Living Plans Two-Building Seniors Housing Expansion in Highlands Ranch, Colorado

by Amy Works September 13, 2019

HIGHLANDS RANCH, COLO. — Erickson Living has unveiled plans for a two-building residential expansion at Wind Crest, a continuing care retirement community (CCRC) in Highlands Ranch, about 15 miles south of Denver. The property already opened an expansion in 2019, an independent living building named Prospect Crossing. The two new buildings, named Summit Square and Quincy Point, will add more than 200 independent living units. They are both scheduled to open in 2020. The expansion will also include 18,000 square feet of amenity space, including outdoor space, multiple new restaurants, a second fitness center and other shared spaces.

September 13, 2019

Connecticut Development Multifamily Northeast Seniors Housing

Resort Lifestyle to Build on $30M Seniors Housing Community in Connecticut

by Alex Patton September 13, 2019

TRUMBULL, CONN. — Resort Lifestyle Communities (RLC) will soon break ground on River Valley, an independent living seniors housing property in Trumbull, located approximately 50 miles southwest of Hartford. The 180,000-square-foot community will offer one- and two-bedroom units, though the number of units is not yet disclosed. The property will provide cooking, cleaning and valet parking services, as well as fitness classes and community events. River Valley will be the second RLC location in Connecticut.

September 13, 2019

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

Memory Care is Down But Not Out, Say Investors

by John Nelson September 12, 2019

ATLANTA — Seniors housing investors are pumping the brakes on acquiring memory care facilities as the property type’s fundamentals and high turnover have proven to be worrisome. That’s according to an investment panel during the annual InterFace Seniors Housing Southeast conference. Held on Wednesday, Aug. 28 at the InterContinental Buckhead Atlanta, the one-day conference attracted more than 430 seniors housing professionals from all over the Southeast. Memory care is a subsector of seniors housing real estate for seniors suffering from Alzheimer’s disease or other forms of dementia. According to the National Investment Center for Seniors Housing & Care (NIC), memory care is often located within assisted living facilities but also exists in standalone settings. Memory care residents are typically separated from assisted living residents in a secured area with specialized programming. The panelists said that memory care was a hot product type in the recent past but that the sector’s current distress is a direct result of overzealous developers. “Memory care was low hanging fruit for developers but now it has become overbuilt and has fallen out of favor,” said the panel’s moderator Adam Heavenrich, managing director of Heavenrich & Co., a seniors housing investment brokerage firm based in Chicago. …

September 12, 2019

Newer Posts

Older Posts