Seniors Housing

Seniors Housing Acquisitions Make More Sense Than Development in Today’s Market, Says Benchmark CEO Tom Grape

by Jeff Shaw December 7, 2023

The dearth of new supply in the seniors housing space is a double-edged sword, says Tom Grape, founder, chairman and CEO of regional operator Benchmark Senior Living. While the lack of new product has provided a much-needed lift to operators of existing communities seeking to boost occupancy, it’s also a missed opportunity for developers chomping at the bit to start new projects. The year-over-year (YOY) inventory growth in seniors housing was 1.3 percent in the third quarter, nearly the smallest YOY growth since 2012, according to NIC MAP. Grape foresees the possibility of even slower inventory growth in the near term. “We’ve got a development pipeline, but we’re sort of parking it. Construction costs remain high. We’re starting to see early signs that maybe those are softening a bit, but nothing has really softened materially,” said Grape during the keynote interview at the seventh annual InterFace Seniors Housing Northeast conference in Philadelphia on Wednesday, Nov. 29. Laura Cambria of KARE, senior vice president of operations at KARE, a senior living staffing app that connects caregivers with operators, conducted the interview. France Media’s InterFace Conferece Group and Seniors Housing Business hosted the conference at the Hilton Philadelphia at Penn’s Landing. The daylong event …

December 7, 2023

Development Multifamily Seniors Housing Texas

JPI Begins Leasing 185-Unit Independent Living Community in Anna, Texas

by Taylor Williams November 30, 2023

ANNA, TEXAS — Locally based developer JPI, in partnership with the City of Anna, has begun leasing Parmore Anna Senior Living, a luxury independent living community located approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior housing developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. Rents start at $1,100 per month for a one-bedroom unit.

November 30, 2023

Acquisitions Alabama Seniors Housing Southeast

Ziegler Brokers Sale of 316-Unit Seniors Housing Property in Birmingham

by John Nelson November 29, 2023

BIRMINGHAM, ALA. — Ziegler has served as sell-side financial advisor for the sale of St. Martin’s in the Pines, a 316-unit continuing care retirement community (CCRC) in Birmingham. Diversicare Healthcare Services acquired the property from the independent ownership board for an undisclosed price. Located in the eastern outskirts of the city near the Mountain Brook and Homewood suburbs, the property is near the University of Alabama at Birmingham (UAB) and the UAB hospital system. St. Martin’s in the Pines comprises a four-story independent living facility with 97 apartments, a two-story assisted living and memory care facility with 40 assisted living units and 51 memory care units, and a skilled nursing campus with 128 skilled nursing and short-term rehabilitation beds. It is the second largest skilled nursing campus in Alabama, according to Ziegler. Diversicare is recognized as a premier provider of post-acute care and is the largest skilled nursing provider in Alabama with 19 campuses in the state.

November 29, 2023

Affordable Housing Development Indiana Loans Midwest Multifamily Seniors Housing

Merchants Capital Provides $17.4M in LIHTC Equity Financing for Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow November 29, 2023

FORT WAYNE, IND. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne. Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income. The units are designed to support senior and special needs with features such as handrails, grab bars, intercoms, limited access and video surveillance. Completion is slated for April 2025.

November 29, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

OneLife Senior Living Acquires 70-Unit Property in Suburban Chicago

by Kristin Harlow November 29, 2023

VERNON HILLS, ILL. — OneLife Senior Living has acquired the former Springs of Vernon Hills Alzheimer’s Special Care Center in the Chicago suburb of Vernon Hills. The firm has since rebranded the 70-unit property as The Laurel at Vernon Hills. OneLife retained all 59 staff members, and reviewed and updated benefits, wages and best practices for staffing. OneLife reduced temporary agency staff and increased permanent team members. The Laurel at Vernon Hills provides memory care services for people with Alzheimer’s and other forms of dementia. The community features large hallways, a circular design, fully enclosed courtyards and enhanced security. The seller and sales price were not provided.

November 29, 2023

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

NHP Foundation Completes Renovation of 57-Unit Affordable Seniors Housing Property in Chicago

by Kristin Harlow November 29, 2023

CHICAGO — The NHP Foundation (NHPF) has completed a major renovation of the Edwin C. Berry Manor Apartments in Chicago. The Section 8 seniors housing property is located at 737 E. 69th St. The rehabilitation project was made possible by a financial partnership between HUD, Merchants Capital, Illinois Housing Development Authority, National Affordable Housing Trust and UnitedHealth Group. The 57-unit community, built in 1991, marks the fourth property that NHPF has acquired or built in Chicago in the last five years and the first specifically for seniors. The units are fully leased. The project team included Weese Langley Weese, Burling Builders Inc., Solis Construction and baso ltd. Operation Pathways, a subsidiary of NHPF, will provide social and enrichment services to the residents. An onsite resident services coordinator will work with residents to support aging well in their independent living spaces.

November 29, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

WinnDevelopment Breaks Ground on $55.3M Affordable Seniors Housing Project in Western Massachusetts

by Taylor Williams November 28, 2023

HOLYOKE, MASS. — WinnDevelopment has broken ground on a $55.3 million affordable seniors housing project in the western Massachusetts city of Holyoke. The project will convert a historic mill complex into 88 affordable apartment homes for seniors ages 55 and older. The redevelopment of the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building and connect it to the residential space via a closed skybridge spanning nearby railroad tracks. All 88 apartments will be reserved for low- and moderate-income seniors, with 12 units reserved for households earning below 30 percent of the area median income (AMI), 63 for those below 60 percent of AMI, and 13 for households below 80 percent of AMI. Delivery is slated for spring 2025.

November 28, 2023

California Development Multifamily Seniors Housing Western

Community HousingWorks Opens 58-Unit Portola Senior Apartments in Lake Forest, California

by Amy Works November 28, 2023

LAKE FOREST, CALIF. — Community HousingWorks (CHW) has opened Portola Senior Apartments, an affordable housing community in Lake Forest. CHW’s first community in Orange County, Portola Senior Apartments is built as a standalone, four-story building with ground-floor retail space. The property features 58 one-bedroom apartments (including one designated for an onsite property manager) for singles or couples age 62 years and older who are living on 50 percent of the area median income (AMI) or less (approximately $50,000 per year). Over 750 people applied to live in Portola within three months of opening the interest list and the apartments were 100 percent occupied in less than 30 days after opening. Rent is $1,264 per month (after a utility allowance) and the waiting list currently has more than 1,000 applicants. Funding sources for Portola Senior Apartments included Pacific Western Bank as the construction and permanent financing lender; Red Stone Equity Partners as the tax credit equity investor; SunRanch Capital Partners LLC as the soft lender; and tax-exempt bonds issued by California Municipal Finance Authority, California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee. The development team included general contractor Sunrise Pacific Construction Inc.; architectural firm AVRP Studios; civil …

November 28, 2023

Development Multifamily New York Northeast Seniors Housing

FilBen Group, RSF Partners Near Completion of $54M Assisted Living Facility in Montebello, New York

by Taylor Williams November 22, 2023

MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners is nearing completion of Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided a $34.8 million construction loan for the project, completion of which is scheduled for next year.

November 22, 2023

Development Multifamily Seniors Housing Texas

Ryan Cos. Tops Out 213-Unit Seniors Housing Project in Austin

by Taylor Williams November 21, 2023

AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has topped out Grand Living at The Grove, a five-story, 213-unit seniors housing project in Central Austin. The 348,353-square-foot building will house 177 independent and assisted living apartments, as well as 36 memory care apartments. Grand Living at The Grove will feature studio, one- and two-bedroom apartments that will range in size from 450 to 1,600 square feet. Ryan Cos. is co-developing the project with Grand Living and Castletop Capital. PACE Loan Group and Bankers Trust provided financing for the project. Construction began about a year ago, and delivery is slated for early 2025.

November 21, 2023

Newer Posts

Older Posts