Monday, May 19, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Seniors Housing

Aegis-of-West-Seattle-WA
DevelopmentMultifamilySeniors HousingWashingtonWestern

Áegis Living Opens 83-Unit Seniors Housing Community in Seattle

by Amy Works

SEATTLE — Áegis Living has opened the doors on Áegis of West Seattle, an 83-unit assisted living and memory care community in Seattle. The project was designed to look like a Mediterranean resort. Áegis’ most recent communities are designed on such themes. Its community under construction on nearby Mercer Island is lodge-themed, and the company recently opened an Italian-themed community in Seattle. Áegis Living is a Bellevue-based developer and operator with 31 seniors housing communities in Washington, California and Nevada.

Continue Reading
FacebookTwitterLinkedinEmail
Conference CoverageFeaturesMultifamilySeniors Housing

InterFace Panel: Seniors Housing Must Become ‘Sexier’ to Millennial Workforce

by Taylor Williams

ATLANTA — The seniors housing business is beset with labor concerns, and developers and operators are convinced that the solution lies in upping the number of millennials on staff. According to recent data from Pew Research Center and the U.S. Census Bureau, approximately 56 million American workers are between the ages of 21 and 36. That means more than one-third of all labor force participants are millennials, a generation that industry experts say generally wants emotionally meaningful careers with fast-tracked advancement. There are challenges in creating and marketing a positive perception of the seniors housing industry to prospective millennial workers, as well as in retaining them. This subject was broached during the “State of the Industry” panel at the InterFace Seniors Housing Southeast conference on Wednesday, Aug. 29. Held at the Westin Buckhead hotel in Atlanta, the event drew nearly 520 developers, lenders, investors and operators in the senior living space. “There’s a lot of talent that’s drawn to hospitality, but it can be hard selling them on seniors housing,” said panelist Eric Mendelsohn, president and CEO of Tennessee-based REIT National Health Investors (NYSE: NHI). “We have to show people that there’s so much more to this business than serving Jell-O …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMassachusettsMultifamilyNortheastSeniors Housing

Nauset Completes 123-Bed Skilled Nursing Facility in Massachusetts

by David Cohen

NEWBURYPORT, MASS. — Nauset Construction has finished building Port Healthcare Center, a 123-bed skilled nursing facility in Newburyport, located in the very northeastern corner of the state. Whittier Health Network, a family-owned healthcare organization with operations in Massachusetts and New York, owns and operates the facility. The new center is a replacement property, more than doubling the bed count of the original asset. Designed by longtime Whittier architect Ranere Associates Inc., the two-story, steel-and-concrete building totals 62,000 square feet.

Continue Reading
FacebookTwitterLinkedinEmail
Solera-Cherry-Creek-Denver-CO
ColoradoLoansMultifamilySeniors HousingWestern

HFF Arranges Construction Financing for Seniors Housing Community in Denver

by Amy Works

DENVER — HFF has arranged financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Anderson and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Conservatory-at-Champion-Forest-Spring-Texas
DevelopmentMultifamilySeniors HousingTexas

Discovery Completes Renovation of Seniors Housing Community in Metro Houston

by Taylor Williams

SPRING, TEXAS — Discovery Senior Living, an operator of 50-plus seniors housing communities across the country, has completed the renovation of Conservatory at Champion Forest, a seniors housing property located in Houston suburb of Spring. The Florida-based company overhauled the apartments, clubhouse amenities and dining areas. Although development costs were not officially released, Discovery described the project as a “multimillion-dollar remodel.”

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMidwestMultifamilyOhioSeniors Housing

Inspirit Senior Living Buys Two Communities in Ohio

by Kristin Harlow

CUYAHOGA FALLS, OHIO — Inspirit Senior Living has acquired The Gardens of Cuyahoga Falls and The Gardens of Liberty Park (formerly the Gardens of Western Reserve) in Ohio. The acquisitions bring the Virginia-based owner-operator into Ohio for the first time, and increase its portfolio size to eight communities. Inspirit partnered with Venue Capital LLC, a New York City-based real estate and asset management firm, on the two acquisitions. Both communities offer assisted living and memory care. The Gardens of Liberty Park features 120 units, while The Gardens of Cuyahoga Falls features 130 units. Inspirit plans to extensively renovate the buildings and grounds. The seller was senior care industry veteran Rich Piekarski.

Continue Reading
FacebookTwitterLinkedinEmail
Rosegate-Draper-UT
AcquisitionsMultifamilySeniors HousingUtahWestern

Marcus & Millichap Brokers Sale of 277-Unit Age-Restricted Community in Utah for $51.4M

by Amy Works

DRAPER, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Draper, a 277-unit age-restricted multifamily asset in the Salt Lake City suburb of Draper. A local developer and owner sold the community to Kennedy Wilson, a California-based global real estate investment company, for approximately $51.4 million. The price equates to $185,379 per unit. Built in 2015, the five-story community features all one- and two-bedroom units and offers space for full-service facilities. Marcus & Millichap’s Danny Shin and Brock Zylstra represented the seller in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
Grandon-Village-San-Marcos-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Marcus & Millichap Brokers $30.2M Sale of Seniors Housing Community in Southern California

by Amy Works

SAN MARCOS, CALIF. — Marcus & Millichap has brokered the sale of Grandon Village, a 161-unit age- and income-restricted housing asset in San Marcos, approximately 35 miles north of San Diego. The seller was Grandon Village LP, which originally developed the community in 2004. An undisclosed buyer acquired the property for $30.2 million, or $187,578 per unit. The community was 100 percent occupied at the time of sale and historically has a long waiting list, according to Marty Cohen of Marcus & Millichap, who represented the seller. The property is walking distance from a 357,000-square-foot shopping center and a North County Transit District Breeze bus stop.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMultifamilyNew JerseyNortheastSeniors Housing

Avanath Capital Management Acquires 240-Unit Seniors Housing Community in Edison, New Jersey

by David Cohen

EDISON, N.J. — Avanath Capital Management has acquired Menlo Manor, a 240-unit affordable senior housing community in Edison. Avanath acquired the property through its institutional fund, Avanath Affordable Housing III. The five-story property was built in 1980 and features a community room, exterior courtyard, library, dining area, community kitchen and automatic front doors. Located at 161 Inman Ave., the community includes a mix of studios, one-, and two-bedroom units. Alex Medeiros of CBRE represented the seller, Jeff Spragens.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaMultifamilySeniors HousingSoutheast

Public-Private Venture Breaks Ground on 123-Unit Affordable Seniors Housing Community in Miami

by Camren Skelton

MIAMI — A public-private collaboration between Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corp. has broken ground on Caribbean Village, an affordable seniors housing property in Miami. Located in the South Miami Heights submarket, Caribbean Village will offer 123 units. The development is part of a two-phased plan to develop transit-oriented affordable housing in Miami. The community will be the first new affordable seniors housing project in the area in 25 years, according to the developers. Miami-Dade County, which will own the project, selected the partners following a competitive bidding process. The county contributed the land, as well as $11.5 million in funding. Other funding for the project came from tax-exempt bonds, housing tax credits and a $5.3 million loan from Florida Housing Finance Corp. Citibank purchased both the bonds and the tax credits. According to local media reports, Caribbean Village will be reserved for residents earning 60 percent or less of the area median income (AMI), and some units will be designated for people making as low as 28 percent of the AMI. The community will include one- and two-bedroom units and will feature a fitness center, cyber lounge, game room, outdoor recreation area …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts