Seniors Housing

Experience Senior Living Plans 26-Story Community Within Strathmore Square Mixed-Use Development in Bethesda, Maryland

by Jeff Shaw September 9, 2022

BETHESDA, MD. — Experience Senior Living, a seniors housing developer, has unveiled plans for The Reserve at Strathmore Square. The project will be part of Strathmore Square, a planned arts-centric mixed-use community located in north Bethesda above the Grosvenor-Strathmore Red Line Metro station and adjacent to the Strathmore Music Center. The seniors housing community will rise 26 stories and span 300,000 square feet, featuring 240 units of independent living, assisted living and memory care. Experience plans to break ground on the project in the fourth quarter of 2023. Amenities at the community will include a swimming pool, pickleball court, wellness suite with a fitness room, salon, massage, sky lounge, outdoor spaces including a private memory care courtyard, multiple dining venues and a bar. The plan calls for The Reserve to be part of an intergenerational housing development with programs and activities for engagement between residents of the seniors housing community and the other residential properties in Strathmore Square. The larger Strathmore Square project comprises eight acres of developable space. The master-plan developer, Fivesquares Development, expects the full build-out to include 2,000 residential units, approximately 35,000 square feet of retail, walking paths to the Metro station and a 1.3-acre central park. …

September 9, 2022

Affordable Housing Development Georgia Loans Seniors Housing Southeast

Bellwether Enterprise Provides $23.9M HUD-Insured Loan for Rehab of Affordable Seniors Apartments in Atlanta

by John Nelson September 8, 2022

ATLANTA — Bellwether Enterprise Real Estate Capital LLC has provided a $23.9 million HUD 221(d)(4) loan to finance the rehabilitation of Jewish Tower and Zaban Tower, two affordable housing communities for seniors located at 3156 and 3160 Howell Mill Road in Atlanta. Jeff Mion of Bellwether’s Duluth, Ga., office originated the loan on behalf of the borrower, The Jewish Home Tower Inc. Following completion of rehabilitation, Bellwether will convert the interest-only construction period loan to a permanent loan at the same interest rate (3.99 percent) for a period of 40 years. Jewish Tower is a 200‐unit, eight‐story building, and Zaban Tower is a 60‐unit, four‐story building. Both assets were delivered in the 1970s and provide affordable, independent living for seniors aged 62 and older. The two properties are situated on the same campus and are connected through a third building, the William Breman Jewish Home, which contains assisted living and nursing care units, as well as a full‐service dining room that is open to residents of all three buildings. The borrower plans to use the financing to upgrade handicap accessibility in common areas and resident units, replace the roof and windows and upgrade unit interiors. Building system improvements will include …

September 8, 2022

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Negotiates $51.5M Sale of Seven-Property Skilled Nursing Portfolio in Colorado

by Amy Works September 8, 2022

COLORADO — Evans Senior Investments (ESI) has arranged the sale of seven skilled nursing facilities in Southwest Colorado for $51.5 million, or approximately $92,000 per bed. An owner-operator sold the 558-bed portfolio to an East Coast-based owner-operator looking to expand its reach in the West. The properties were built between 1957 and 2017. Prior to the COVID-19 pandemic, the portfolio was 77 percent occupied and produced nearly $6.2 million in annual net operating income. Throughout the pandemic, the portfolio’s occupancy decreased and at the time of marketing was only 65 percent occupied. “The competitive bidding arena and strong price per bed for a rural portfolio whose census and cash flow were well below stabilized levels showcases the willingness of buyers and lenders continuing to work together to get deals finished with the headwinds that they continue to face,” says Brendan DeSilvia, associate at ESI.

September 8, 2022

Acquisitions Multifamily Seniors Housing Texas

SkyWalker, Zelevie Health Buy 116-Bed Seniors Housing Facility in Waco

by Taylor Williams September 7, 2022

WACO, TEXAS — A partnership between Dallas-based SkyWalker Property Partners and Utah-based Zelevie Health has purchased the Healthcare Resort of Waco, a116-bed seniors housing facility. The 77,000-square-foot property, which was completed in 2015 but closed in 2018 due to a tenant-landlord dispute, consists of 30 assisted living beds and 86 skilled nursing beds. Amenities include multiple lounges, a media room and outdoor terraces with gathering spaces and a putting green. The seller was an affiliate of Kawa Capital Management. The new ownership plans to invest in a capital improvement program and reopen the facility in the fourth quarter.

September 7, 2022

Development Multifamily Seniors Housing Washington Western

Ryan Cos., Aegis Living Plan 92-Unit Seniors Housing Community in Seattle’s Ballard Neighborhood

by Amy Works September 7, 2022

SEATTLE — Ryan Cos., as builder, and Aegis Living, as developer, unveils plans to develop a five-story assisted living and memory care community on Market Street in Seattle’s Ballard neighborhood. The team broke ground on the project in March, with opening slated for early 2024. Totaling 75,000 square feet, the community will feature 92 residential apartments, dining facilities, a movie theater, activity rooms, a wellness suite and community rooftop space. The property will also include business offices and one level of underground parking. DAHLIN is serving as architect for the project, which will be Aegis’ second senior living community in northwest Seattle. Ryan has built more than 60 senior living communities in 17 states across the country.

September 7, 2022

Conference Coverage Features Multifamily Seniors Housing Southeast Southeast Feature Archive

Supply Chain Issues Slow Seniors Housing Development as Demand Balloons, Say InterFace Panelists

by Kristin Harlow September 7, 2022

ATLANTA — Delays in the arrival of building materials — everything from windows and roof trusses to microchips for electrical panels — is one of the biggest hurdles slowing down new seniors housing developments, according to Kristin Kutac Ward, CEO of Solvere Living. Ward’s comments came during the ninth annual InterFace Seniors Housing conference. The event, which took place Aug. 17 at the Westin Buckhead in Atlanta, was hosted by France Media’s InterFace Conference Group and Seniors Housing Business and drew 324 attendees. Joining Ward on the development panel was Tod Petty, vice chairman with Lloyd Jones Senior Living; Matthew Griffin, senior vice president, eastern states, with Griffin Living; and Jim Vogel, president of Solvida Development Group. Rick Shamberg, managing director of Scarp Ridge Capital, served as the moderator. Despite the challenges in today’s building environment, there is pent-up demand and plenty of excitement regarding new seniors housing projects, said Ward. As baby boomers age, there will be a need for seniors housing care for about 50 million more people in the U.S., according to Shamberg. There’s ample opportunity for developers to fill that void in housing. According to Petty, the need for seniors housing units will be most pronounced …

September 7, 2022

Affordable Housing Development Indiana Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Tops Out 120-Unit Affordable Assisted Living Community in Indiana

by Kristin Harlow September 6, 2022

GOSHEN, IND. — Evergreen Real Estate Group has topped out construction of Green Oaks of Goshen. The four-story, 120-unit assisted living community for low-income seniors is located at 282 Johnston St. in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, is the general contractor. Completion is slated for early 2023. The $30 million project is being built on a vacant three-acre lot near an existing Salvation Army building. Gardant Management Solutions will manage the property. Green Oaks of Goshen will offer 49 studios and 71 one-bedroom units, all of which will be reserved for seniors age 62 and older with incomes at or below 80 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, salon, library, community garden and outdoor area. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. The City of Goshen issued tax-exempt bonds that were sold by PiperSandler, providing debt financing. Affordable Housing Partners invested in the project, providing LIHTC equity.

September 6, 2022

Colorado Development Multifamily Seniors Housing Western

OZ Architecture Completes Design of The Reserve at Lone Tree Seniors Housing Community in Colorado

by Jeff Shaw September 2, 2022

LONE TREE, COLO. — OZ Architecture has completed the design of The Reserve at Lone Tree, a seniors housing community located within the RidgeGate master-planned community in Lone Tree. Experience Senior Living Development (ESLD), a NexCore company, is a partner on the project. The community will offer 124 independent living units in a nine-story building alongside 60 assisted living and 24 memory care units in an attached five-story building. The project is scheduled break ground in fourth-quarter 2022, with anticipated completion in 2024. Independent living units will be up to 1,930 square feet, while assisted living apartments will range between 430 and 1,100 square feet. RidgeGate spans 3,500 acres southeast of Denver and includes the RidgeGate Parkway Regional Transportation District (RTD) station, as well as more than 1,000 acres of parks to support an active lifestyle.

September 2, 2022

Acquisitions Michigan Midwest Multifamily Seniors Housing

Capital Real Estate Group Brokers $32.5M Sale of Two-Property Seniors Housing Portfolio in Michigan

by Kristin Harlow August 31, 2022

CENTRAL MICHIGAN — Capital Real Estate Group (CREG), through its U.S. Healthcare Investment Sales practice, has brokered the sale of a two-property seniors housing portfolio in Central Michigan. The properties total 139 units across 126,000 square feet. The two communities are located adjacent to one another and are spread over 13.5 acres. The portfolio’s unit mix comprises 88 assisted living units, 33 independent living units and 18 memory care units. The portfolio is over 80 percent leased and has maintained that occupancy on average for the past two years. A publicly traded healthcare REIT acquired the assets for $32.5 million. Andrew Larwood and Allen Inman, CREG’s managing partners, acted as the undisclosed seller’s exclusive advisor.

August 31, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Arranges Sale of 92-Unit Pinewood Terrace Seniors Housing Community in Colville, Washington

by Amy Works August 29, 2022

COLVILLE, WASH. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Pinewood Terrace, a 92-unit skilled nursing facility located in Colville, a tiny city of fewer than 5,000 residents in the northeastern corner of Washington State. Cascadia Healthcare acquired the property for an undisclosed price. The seller was looking to exit Washington for states with more favorable reimbursement rates and lower regulatory hurdles. Cascadia, meanwhile, is growing its regional team in the Washington and northern Idaho markets to help with quality of care and synergy between local buildings.

August 29, 2022

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