Seniors Housing

Wolff Breaks Ground on Independent Living Community in Scottsdale, Arizona

by Amy Works December 3, 2018

SCOTTSDALE, ARIZ. — The Wolff Company, a Scottsdale-based private equity firm and senior living developer, has broken ground on Revel Scottsdale, an independent living apartment community in the company’s hometown. The three-story community is expected to open in late 2020 and will feature 157 units in studio, one- and two-bedroom layouts. Wolff cited an underserved and growing affluent senior population in Scottsdale as the reason for building. The U.S. Census Bureau named Scottsdale, a suburb of Phoenix, as the fourth-fastest-growing metropolitan area in the country. Revel Scottsdale joins a portfolio of 18 other senior living communities from The Wolff Company that are either under development or currently open.

December 3, 2018

Acquisitions Arizona Multifamily Seniors Housing Western

Cushman & Wakefield Brokers $12M Sale of Seniors Housing Community in Phoenix

by Amy Works November 29, 2018

PHOENIX — Cushman & Wakefield has arranged the sale of Zen Senior Living, a 99-unit seniors housing community in Phoenix’s Paradise Valley neighborhood. Investment Concepts Inc., a California-based investor, acquired the property from FPA5 Paradise Village, an entity of San Francisco-based FPA Multifamily. The price was $12 million. The two-story, garden-style community was built in 1985 but recently underwent a $1.6 million renovation project. Floor plans average 846 square feet. Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.

November 29, 2018

Development Multifamily Nevada Seniors Housing Western

Wolff Opens 146-Unit Seniors Housing Community in Metro Las Vegas

by Amy Works November 28, 2018

HENDERSON, NEV. — The Wolff Company, a Scottsdale-based private equity firm and multifamily developer, has opened the doors on Revel Nevada. Located in the Las Vegas suburb of Henderson, the three-story independent living property offers 146 units in a mix of one- and two-bedroom options. Clearwater Living will operate the community. The Wolff Company is currently developing numerous senior living communities throughout the country with plans to broaden its portfolio by investing $300 million to $400 million annually in the development of additional communities.

November 28, 2018

Colorado Loans Multifamily Seniors Housing Western

HFF Arranges $31M Financing for 160-Unit Independent Living Community in Colorado

by Amy Works November 27, 2018

COLORADO SPRINGS, COLO. — HFF has arranged $31 million in financing for Province Springs, a 160-unit independent living community in Colorado Springs. The borrower is Paxion Real Estate Holdings, an affiliate of The Wolff Company. The floating-rate bridge financing retires existing construction debt. Province Springs is located just east of multiple retail and entertainment amenities and just north of Peterson Air Force Base and Colorado Springs Airport. Completed earlier this year, the property features a mix of studio, one- and two-bedroom units averaging 810 square feet. The HFF team representing the borrower included Nicole Brickhouse and Leon McBroom.

November 27, 2018

Development Multifamily Seniors Housing Southeast Tennessee

Harbor Retirement, Confluent to Break Ground on 144-Unit Seniors Housing Community Near Memphis

by Alex Tostado November 19, 2018

CORDOVA, TENN. — Harbor Retirement Associates (HRA) and Confluent Senior Living are set to begin construction on HarborChase of Cordova, a 158,083-square-foot, 144-unit senior living community in Cordova, about 20 miles east of Memphis. The project is expected to be completed in early 2020. The community will include 60 independent living, 50 assisted living and 34 memory care apartments in studio, one- and two-bedroom options. The community will feature 24-hour staff, a full-service bistro, multiple dining areas, clubroom, arts and crafts space, barber and beauty salon, library, pool, fitness and wellness center, putting green, fully enclosed memory support courtyard and community-wide Wi-Fi. Vero Beach, Fla.-based HRA will manage HarborChase of Cordova, while Denver-based Confluent Senior Living serves as the project’s owner. This is the second living center for the partnership in metro Memphis, with HarborChase Germantown expected to open in the summer.

November 19, 2018

California Development Multifamily Seniors Housing Western

Continuing Life Plans 480-Unit Seniors Housing Community in Orange County, California

by Amy Works November 19, 2018

SAN JUAN CAPISTRANO, CALIF. — Continuing Life has unveiled plans for Reata Glen, a 480-unit continuing care retirement community in San Juan Capistrano. Reata Glen is located on 60 acres in South Orange County, where 13 percent of the population are seniors. That number is expected to double by 2040, according to Continuing Life. Partners on the project include California-based W.E. O’Neil Construction and KTGY Group Architects. Construction is already underway, with a planned delivery in spring 2019.

November 19, 2018

Development Multifamily Seniors Housing Utah Western

Buchanan Street Completes 298-Unit Active Adult Community Near Salt Lake City

by Amy Works November 19, 2018

HERRIMAN, UTAH — Buchanan Street Partners, a real estate investment management firm based in Newport Beach, Calif., has completed construction of Incline at Anthem. The active adult community, restricted to residents over age 55, brings 298 apartment units to the Salt Lake City suburb of Herriman. Buchanan Street Partners purchased the partially completed Incline project in 2017 with a vision to reposition the original development plan, adding high-end finishes and upscale amenities to deliver a Class A community. Incline at Anthem is surrounded by a mountain backdrop and is adjacent to the southern boundary of Daybreak, Utah’s largest master-planned community. “Utah’s population has increased by 9 percent in the past five years, the highest rate in the country, putting added pressure on an already constrained housing market,” says Kevin Hampton, executive vice president of Buchanan Street Partners. “Regional growth and the increasing demand for a quality living experience by what we think are very youthful seniors bode well for the success of this project.”

November 19, 2018

Arizona Development Multifamily Seniors Housing Western

Starwood, Ryan Cos., Cadence Start Construction of 198,000 SF Seniors Housing Community in Arizona

by Amy Works November 16, 2018

SCOTTSDALE, ARIZ. — Ryan Cos., Cadence Living and a controlled affiliate of private investor Starwood Capital Group have started construction of Acoya Scottsdale at Troon, an independent living and assisted living community in the Troon neighborhood of Scottsdale. The 198,000-square-foot community will sit on six acres and feature 135 units. Construction is slated for completion in mid-2020, with a leasing office opening before mid-year of 2019. Ryan A+E Inc. designed the community’s exterior to complement the Santa Fe architecture of the surrounding area, which consists of private country clubs and high-end resorts. Thoma-Holec Design will create the interiors.

November 16, 2018

Acquisitions Multifamily New York Northeast Seniors Housing Top Stories

Joint Venture Acquires 558-Unit Affordable Seniors Community in Brooklyn for $150M

by Kristin Harlow November 16, 2018

NEW YORK CITY — Jonathan Rose Cos., The NHP Foundation and Nuveen have acquired Shore Hill Housing, a two-building, 558-unit affordable seniors housing property in Brooklyn, for approximately $150 million. The seller was NYU Langone, a hospital system with many buildings located adjacent to the site. The property consists of two interconnected, 14-story towers in the Bay Ridge section of Brooklyn totaling 414,127 square feet. The property was built in 1977 and sits on 2.7 acres along Shore Road. The unit mix includes 325 studios and 233 one-bedrooms. The buyers financed the acquisition with a $102 million Freddie Mac loan arranged through PGIM Real Estate Finance. The Rose Affordable Housing Preservation Fund IV LP, along with joint-venture partner NHP and Nuveen, will invest $52 million of equity in the property. “We are making a long-term investment to preserve an important affordable housing property for seniors with a conventional debt and private equity execution,” says Joshua Plattner, who led the acquisition for Rose. The venture will invest in capital improvements to increase energy efficiency, reduce the carbon footprint and enhance the resident services at Shore Hill as part of Rose’s Communities of Opportunity programming. “We are excited about the opportunity to …

November 16, 2018

Features Multifamily Seniors Housing

Complacency Equals Vulnerability in Seniors Housing Industry, Warns Benchmark CEO Tom Grape

by Jeff Shaw November 16, 2018

Tom Grape has a sobering message for a senior living industry facing a growing number of disruptive forces, including rapid technological change and shifting consumer preferences that pose a threat to the long-term health of the sector. “If we continue to think of ourselves as senior living operators in the way that we have, I personally think we’re vulnerable. If we think of ourselves in ways that will allow us to compete for this new era, we’ll be positioning ourselves successfully.” Grape is chairman and CEO of Waltham, Mass.-based Benchmark Senior Living, which operates 58 communities offering independent living, assisted living, memory care and continuing care across eight states in the Northeast. His concerns about disruption aren’t centered on overly aggressive capital providers or new entrants to the business. Instead, the veteran executive, who has been in this niche sector for 32 years, believes that there is “a whole host of people from a whole variety of different angles that are trying to put the senior living business out of business. I think that has huge implications.” The comments from Grape came Tuesday morning during a keynote address titled “Prospering in the Era of Disruption” at InterFace Seniors Housing Northeast, which …

November 16, 2018

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