Seniors Housing

Anthology, Formation Plan 206-Unit Seniors Housing Community in Beaverton, Oregon

by Amy Works July 25, 2022

BEAVERTON, ORE. — Anthology Senior Living, the dedicated seniors housing platform of CA Ventures, has entered a joint venture partnership with Formation Development Group to build Anthology of Beaverton, a 207,169-square-foot senior living community in Beaverton. Situated on a 5.5-acre parcel outside of Portland, Anthology of Beaverton will feature 206 luxury independent living, assisted living and memory care units. The community is located near the Tanasbourne shopping district, which includes a Whole Foods, Starbucks and Macy’s, in addition to other shopping and dining locations. Major employers within close proximity include Nike World Headquarters and Intel. While development costs were not disclosed, CBRE arranged a $49.7 million construction loan for the project. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing led the team on the floating-rate financing, which features partial interest-only payments through a national bank. The transaction marks the beginning of Anthology’s strategic alliance with Formation as a general partner investor. Anthology and Formation plan to further bolster their partnership through the co-sponsorship and development of future projects together. In addition to serving as development partner, Anthology will manage the property, expanding its owned/operated portfolio to 39 senior living communities across the U.S. Anthology expects to …

July 25, 2022

California Loans Multifamily Seniors Housing Western

Meridian Capital Group Arranges $40M Financing for Seniors Housing Property in Simi Valley, California

by Amy Works July 21, 2022

SIMI VALLEY, CALIF. — Meridian Capital Group has arranged a $40 million loan to refinance Varenita of Simi Valley, an assisted living and memory care facility in Simi Valley. The borrower is Griffin Living, which opened the property in April. Proceeds from the transaction repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. A finance company provided the funds. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. Varenita of Simi Valley comprises 75 assisted living and 27 memory care units.

July 21, 2022

California Development Multifamily Seniors Housing Western

Belmont Village Opens 17-Story Seniors Housing Community in La Jolla, California

by Amy Works July 20, 2022

LA JOLLA, CALIF. — Belmont Village Senior Living has opened Belmont Village Senior Living La Jolla. The property rises 17 stories along the Pacific Coast just north of San Diego, featuring 180 units of independent living, assisted living and memory care. It is Belmont’s 15th community in California and 33rd overall. Partners on the project include Greystar, UC San Diego Center for Healthy Aging and the Stein Institute for Research on Aging. James Arp is the executive director.

July 20, 2022

Affordable Housing Development Midwest Minnesota Multifamily Seniors Housing

Lupe Development Breaks Ground on 200-Unit Seniors Housing Campus in Minneapolis

by Kristin Harlow July 20, 2022

MINNEAPOLIS — Lupe Development has broken ground on a 200-unit seniors housing campus in the Bryn Mawr neighborhood of Minneapolis named Wirth on the Woods. The project will consist of 100 affordable units within a six-story building named The Theodore as well as 100 market-rate units in a separate six-story building named The Eloise. Residents of the buildings will share amenities, including an outdoor courtyard, garden and walking trails. Ecumen will serve as manager. Completion is slated for late summer 2023. The project received funding from the Raymond James Tax Credit Fund and Raymond James Housing Opportunities Fund, the City of Minneapolis, Hennepin County, the Metropolitan Council, the Minnesota Housing Finance Agency, Great Southern Bank and Minneapolis Public Schools.

July 20, 2022

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

SWIDA, Bywater Complete $14.2M Transformation of Historic Illinois Building into Affordable Seniors Housing

by Kristin Harlow July 19, 2022

BELLEVILLE, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group have completed the $14.2 million transformation of a 90-year-old building in Belleville into an affordable active adult community named Lofts on the Square. The building originally opened in 1931 as the Hotel Belleville. It was renovated in the early 1960s and converted into a residential community for seniors known as the Meredith Home. The building sat vacant for 10 years before SWIDA and Bywater acquired it from the city for $600,000. In 2018, the property earned a place on the National Register of Historic Places, making it eligible for federal and state historic tax credits. Holland Construction Services served as general contractor for the renovation project. Units are designated for residents age 55 and older who earn at or below 60 percent of the area median income. The six-story building is comprised of 47 units and more than 3,000 square feet of street-level commercial space. Amenities include a common room, library, computer lab, exercise room and storage facilities. Joining Holland on the construction team were Blank, Wesselink, Cook & Associates and Kaskaskia Engineering Group LLC, which handled the engineering; Louer Facility Planning Inc. for interior design; and WJW …

July 19, 2022

Development Seniors Housing Southeast Virginia

Bonaventure Breaks Ground on 133-Unit Seniors Housing Development in Alexandria, Virginia

by John Nelson July 18, 2022

ALEXANDRIA, VA. — Bonaventure, a locally based multifamily developer and manager, has broken ground on a 133-unit seniors housing project in Alexandria’s Old Town West neighborhood. The six-story property will feature studio, one- and two-bedroom units, as well as underground parking, an onsite restaurant, 24-hour fitness center, club lounge, business center, media room, community garden and an outdoor gazebo. The unnamed property will be situated within walking distance of the Braddock Road Metro Station, as well as I-495, King Street and Ronald Reagan Washington National Airport. Bonaventure expects to complete construction and begin welcoming renters in late 2023.

July 18, 2022

Acquisitions Multifamily Seniors Housing Texas

JLL Negotiates Sale of 100-Bed Transitional Care Facility in DeSoto, Texas

by Taylor Williams July 15, 2022

DESOTO, TEXAS — JLL has negotiated the sale of Methodist Transitional Care Center, along-term care facility in the southern Dallas suburb of DeSoto. The 100-bed property was built in 2020 and encompasses 66 units. Charles Bissell and Evan Kovac of JLL represented the seller and developer, Madison Marquette, in the transaction. Illinois-based LFI Real Estate purchased the asset for an undisclosed price.

July 15, 2022

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Arch Communities, WinnCos. Complete $25.7M Residential Adaptive Reuse Project in Southbridge, Massachusetts

by Taylor Williams July 15, 2022

SOUTHBRIDGE, MASS. — Arch Communities and developer WinnCos. have completed a $25.7 million residential adaptive reuse project in Southbridge, located in the southern central part of the state. The project converted the 90,000-square-foot former Mary E. Wells High School building into a 62-unit affordable housing complex for seniors age 55 and older. Of the 62 apartments, 56 are reserved for households earning 60 percent or less of the area median income (AMI), including eight apartments reserved for residents at or below 30 percent of AMI. Six units have been customized for handicapped and sensory-impaired households. The 106-year-old building had been vacant for eight years before construction began in 2020.

July 15, 2022

California Development Multifamily Seniors Housing Western

R.D. Olson Construction Breaks Ground on 70-Unit Seniors Housing Community in Pasadena

by Amy Works July 12, 2022

PASADENA, CALIF. — R.D. Olson Construction, on behalf of owner BRIDGE Housing, has broken ground on Heritage Square South, a seniors housing property located at 710 N. Fair Oaks Ave. in Pasadena. Slated for completion by September 2023, the $28 million, 70,000-square-foot community will feature three three-story buildings offering 69 one-bedroom units and one two-bedroom unit. The three buildings are interconnected with walking bridges. Onsite amenities will include walking trails, flex rooms, a community room and 2,200 square feet of retail space. Additionally, the site has a bus stop on the front of Fair Oaks Avenue. KTGY is serving as architect for the project.

July 12, 2022

Acquisitions Multifamily New York Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of 102-Unit Active Adult Community in Newburgh, New York

by Taylor Williams July 11, 2022

NEWBURGH, N.Y. — Cushman & Wakefield has brokered the sale of Farrell Communities at Lakeside, a 102-unit active adult community in the Hudson Valley city of Newburgh. The community opened in 2020 and features 30 one-bedroom units and 72 two-bedroom units. Cushman & Wakefield’s Adam Spies, Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the seller, Farrell Communities, and procured the buyer, Castle Lanterra Properties, in the transaction. The sales price was not disclosed.

July 11, 2022

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