Seniors Housing

Lee & Associates Arranges Sale of Seven Acres in Murrieta for Memory Care Community

by Nellie Day November 22, 2017

MURRIETA, CALIF. — Lee & Associates – North San Diego County has arranged the sale of seven acres of land in Murrieta, located between Los Angeles and San Diego, for $1.3 million. The buyer plans to construct a 137-unit memory care community on the site. The plot is an infill development opportunity located near retail, schools, parks and new residential developments in the expanding region. Murrieta’s population more than doubled between 2000 and 2010, according to Lee & Associates. Al Apuzzo and Matt Weaver of Lee & Associates – North San Diego County and Brian Bielatowicz of Lee & Associates – Temecula represented both the seller, The United Church of the Valley, and the buyer, Riverside Care Group LLC of Seattle.

November 22, 2017

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $66.4M Construction Financing for 216-Unit Seniors Housing Community Near Portland

by Nellie Day November 21, 2017

LAKE OSWEGO, ORE. — CBRE has arranged a $66.4 million loan for the construction of The Springs Living Lake Oswego, a 216-unit seniors housing community in the Portland suburb of Lake Oswego. The community will feature 75 independent living units, 30 “assisted living lite” units, 87 assisted living units and 24 memory care units. The 370,887-square-foot building will encompass a five-story residential building over two levels of parking. The development is situated on 4.8 acres. Aron Will of CBRE National Senior Housing secured the four-year, floating-rate construction loan with 48 months of interest-only payments from a pair of national banks. The Springs Living will operate the community once it is completed. A timeline was not released.

November 21, 2017

Multifamily Seniors Housing Texas

CA Acquires Three Seniors Housing Communities in Northern Dallas Area

by Taylor Williams November 21, 2017

DENTON, PLANO AND MCKINNEY, TEXAS — Chicago-based investment firm CA Senior Living LLC has acquired three seniors housing communities totaling 308 units in northern Dallas suburbs. The company acquired The Village Assisted Living and Memory Care, a 108-unit community in Denton; The Village at Mapleshade, a 92-unit property in Plano; and The Village at Stonebridge, a 108-unit asset in McKinney. All three properties offer assisted living units and the Denton and McKinney communities also offer memory care units. CA Senior Living now owns 14 communities totaling roughly 1,700 units in various stages of development throughout Texas.

November 21, 2017

California Multifamily Seniors Housing Western

Stoneridge Creek Nears Completion of 151-Unit Seniors Housing Expansion in Bay Area

by Nellie Day November 20, 2017

PLEASANTON, CALIF. — Stoneridge Creek is preparing to open its 151-unit expansion at the seniors housing community in the Bay Area city of Pleasanton. The expansion includes 12 single-story homes, 56 garden homes and 83 apartments, as well as new amenities and common areas. Stoneridge Creek opened in 2013 on a 50-acre campus and currently houses more than 450 seniors. The CreekView health center is located adjacent to Stoneridge Creek, offering long-term care services.

November 20, 2017

Multifamily Seniors Housing Top Stories

Mainstreet Acquires 42-Property Seniors Housing Portfolio for $425M

by Taylor Williams November 20, 2017

CARMEL, IND. — Mainstreet Health Investments (TSX: HLP-U), an Indiana-based seniors housing owner and developer that trades on the Toronto Stock Exchange, has acquired New York-based Care Investment Trust LLC and its portfolio of 42 seniors housing communities for $425 million. Mainstreet is funding the equity portion of the acquisition through the issuance of Mainstreet common shares directly to Tiptree Inc. (NASDAQ: TIPT), a New York-based holding company with roughly $2.4 billion in assets, including Care Investment Trust. Mainstreet will issue 16.8 million shares of its common stock at $9.75 per share to Tiptree. Mainstreet will also assume $261.2 million of Tiptree’s existing mortgage debt, which carries an interest rate with a weighted average of 4.7 percent. Upon closing of the deal, which is expected to occur during the first quarter of 2018, Tiptree will become Mainstreet’s largest shareholder with a 34 percent interest. The Care Investment Trust portfolio consists of 35 independent living, assisted living and memory care properties as well as seven skilled nursing facilities. The 42 properties, 24 of which are leased to long-term, triple-net operators, total 3,178 suites/beds across 11 states. The other 18 properties are leased to seniors housing operators via joint ventures in which …

November 20, 2017

Georgia Multifamily Seniors Housing Southeast

Speak Life Management Breaks Ground on $73.7M Active Adult Community in Metro Atlanta

by Camren Skelton November 17, 2017

DECATUR, GA. — Speak Life Management has broken ground on The Holbrook Decatur, a $73.7 million active adult community in Decatur, roughly 10 miles northwest of downtown Atlanta. Slated to open in spring 2019 at 1880 Clairmont Road, the community is situated less than one mile from Emory University. Designed for the 50-plus, active lifestyle market, The Holbrook will feature 71 apartments and offer health- and wellness-focused amenities, including a saltwater pool, positive ion emission and aromatherapy, spa services, concierge physician and wellness services, yoga, Pilates, spin classes and art and ceramic classes. In addition, The Holbrook will offer wine bars, local taps, coffee bistros, multiple dining venues and grilling stations. Dogwood Forest, the assisted living brand under the Speak Life Management umbrella, will also be located on the property and will include 97 assisted living units and 32 memory care units. The Holbrook Decatur’s project team includes Solomon Development Services, Needle Development, Choate Construction Co., CDH Partners and Harrison Design.

November 17, 2017

Multifamily Nevada Seniors Housing Western

Wolff Co. Starts Construction of 146-Unit Independent Living Community in Reno

by Nellie Day November 16, 2017

RENO, NEV. — The Wolff Company has started construction on Revel Rancharrah, a 146-unit independent living community within Reno’s Rancharrah master-planned community. The development is scheduled for completion in 2018. The four-story property will be Wolff’s fifth seniors housing community. Wolff plans to invest $300 million to $400 million annually in new independent living development, in addition to seeking acquisition opportunities.

November 16, 2017

California Multifamily Seniors Housing Western

Welbrook Senior Living Completes 50-Unit Memory Care Community in Santa Monica

by Nellie Day November 16, 2017

SANTA MONICA, Calif. — Welbrook Senior Living has completed construction of Welbrook Santa Monica, a 50-unit memory care facility in Santa Monica. The units are all single-occupancy studios. Welbrook partnered with Urban Green Investments, a San Francisco-based real estate investment and development company, on the project.

November 16, 2017

Loans Multifamily Seniors Housing Southeast Virginia

Westminster Canterbury Receives $38.2M Loan for Seniors Housing Project in Central Virginia

by Camren Skelton November 16, 2017

LYNCHBURG, VA. — Westminster Canterbury-Lynchburg, a nonprofit provider of residential and healthcare services for older adults, has received a $38.2 million construction loan from SunTrust Bank to develop a new, six-story seniors housing project. The new building will be located on the retirement community’s existing 42-acre campus, and will feature 84 private, neighborhood-style rooms, and two floors dedicated to parking and administrative offices. Construction on the new center is slated for completion by late spring 2019. In addition to the new facility, Westminster Canterbury-Lynchburg will renovate its three main dining areas and redesign its wellness center. The upgrades are slated for completion next year.

November 16, 2017

Conference Coverage Features Multifamily Seniors Housing Top Stories

Middle-Class Affordability Is ‘Single Biggest Issue’ Facing Seniors Housing Industry, Says HJ Sims’ Landreville

by Jeff Shaw November 16, 2017

NEW ORLEANS — Many seniors housing developers, owners and operators are already looking forward to the “silver tsunami” of Baby Boomers reaching the proper age to enter seniors housing. However, if current trends continue, many of those seniors won’t be able to afford seniors housing anyway, according to panelists at the LeadingAge Annual Meeting and Expo. The panel, titled “Understanding the Economics & Financing Structures of Moderately Priced Life Plan Communities,” took place at the event in New Orleans on Oct. 30. The panelists included Mark Landreville, executive vice president with bond financing specialists HJ Sims; and Steve Kuhns, a partner with seniors housing consulting firm Essential Decisions Inc. Wayne Olson, executive vice president of Volunteers of America National Services, contributed to the presentation but was unable to attend the event. Landreville led the discussion and called affordability “the single biggest issue facing the seniors housing industry.” He cited a recent Time magazine study showing that 30 percent of U.S. households headed by people 55 and older have no retirement account at all, and the remaining 70 percent have a median account balance of just $104,000. “Everyone talks about the Baby Boomers, but they don’t have the resources they want …

November 16, 2017

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