Seniors Housing

Carson-Valley-Gardnerville-NV

GARDNERVILLE, NEV. — Senior Living Investment Brokerage has arranged the sale of Carson Valley, a 65-unit seniors housing community in Gardnerville, approximately 50 miles south of Reno. The facility was built in 1997 and totals 40,610 square feet on 2.5 acres of land. After a slight occupancy decrease in 2020, Carson Valley increased occupancy to over 90 percent. The seller was a regional owner-operator and will continue to operate the community. The buyer is a private equity group based in the West looking to expand its portfolio. The price was not disclosed. Vince Viverito, Jason Punzel and Brad Goodsell of SLIB handled the transaction. “Carson Valley is a desirable property located near Lake Tahoe with incredible views of Heavenly Mountain,” says Viverito. “The property is a consistent performer with great cash flow.”

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Glen

MATTHEWS, N.C. — Acts Retirement-Life Communities has broken ground on a $59 million expansion at Matthews Glen, a 124-acre continuing care retirement community in Matthews. The project will add 72 independent living apartments and 16 villas to its campus. Construction is also underway to add additional assisted living residences. The first phase of the Matthews Glen expansion includes a $35 million WillowBrooke Court skilled care center addition that increased capacity to 90 private beds. The 93,000-square-foot building has three floors with six “neighborhoods,” each encompassing 15 private resident rooms with private bathrooms. The new construction is Phase II of the expansion and features 1,650- to 1,785-square-foot apartments along with 2,275- to 2,500-square-foot duplex-style villas, along with amenities such as tennis and pickleball courts. Acts is also adding 40 suites to its OakBridge Terrace assisted living residence, which will increase its capacity to 100 suites. Construction on the Phase II expansion is scheduled for completion in 2023.

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YORK, PA. — IntegraCare Corp. has broken ground on a 130-unit seniors housing community in York, approximately 90 miles west of Philadelphia. The 124,000-square-foot community, which has yet to be branded, will feature 68 independent living units, 42 assisted living residences and 20 memory care units. Warfel Construction is the general contractor for the project, which IntegraCare is developing in partnership with Avenue Development. The community is scheduled to open in early 2023.

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WEYMOUTH, MASS. — Monarch Communities has begun construction of Monarch Senior Residence, a 165-unit seniors housing community located in the South Shore city of Weymouth. The community will feature 91 independent living units, 48 assisted living residences and 26 memory care apartments. PROCON, an architectural and construction management firm based in Hooksett, New Hampshire, is the design-build contractor partner for the project. The opening is currently scheduled for summer 2023.

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Incline-Anthem-Herriman-UT

HERRIMAN, UTAH — Buchanan Street Partners has completed the disposition of Incline at Anthem, a 55-plus multifamily property in Herriman. Ridan acquired the community for an undisclosed price. Completed in 2018 on eight acres, Incline at Anthem features 298 apartments with open-concept living areas, vaulted ceilings, wood-style flooring, plush carpeting and washers/dryers. Community amenities include a pool and spa; a yoga, cycle and Cross Fit studio; a lounge with billiards and shuffleboard; and a business center and conference room. Daniel Shin, Brock Zylstra, Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer in the deal. Justin Forman of Marcus & Millichap served as broker of record in Utah.

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Monarch-Cottages-La-Jolla-CA

LA JOLLA, CALIF. — JLL Capital Markets has arranged a $15 million refinancing for Monarch Cottages, a 26-unit, 52-bed, two-story, Class A memory care community in the San Diego suburb of La Jolla. JLL represented the borrower, Monarch Senior Living, in arranging the loan. Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet. Within a three-mile radius, the 75-plus population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding area is extremely affluent, with a median housing value within a one-mile radius of $1.9 million and a median household income of $200,001. Alanna Ellis and Bercut Smith led the JLL Capital Markets debt team that represented the borrower.

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The-Ridge-Fairfield-CA

FAIRFIELD, CALIF. — Sundt Construction Inc. has completed construction of The Ridge at Paradise Valley Estates, an eight-acre life plan community in the Bay Area city of Fairfield. The Ridge features a mix of 70 cottages and villas. The private cottages have two bedrooms and attached garages, and the villas feature either one bedroom or two bedrooms with under-building parking. In addition to the amenities of the larger Paradise Valley Estates 76-acre community, residents can access The Ridge’s dining facility and outdoor amenities such as a learning center and outdoor café.

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NEWARK, N.J. — Fairstead, an investment firm with three offices along the East Coast, and Maine-based LIHC Investment Group have purchased the 691-unit Essex Plaza seniors affordable housing portfolio in Newark. The portfolio consists of 13 buildings. The partnership plans to invest in capital improvements, including the enhancement of the portfolio’s proptech features, sustainability and community programming. Information about income restrictions for the portfolio was not released. Dane Global represented the buyer and seller in the transaction.

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Anthology-Senior-Living-Highland-Park

DALLAS — General contractor Cadence McShane has broken ground on a 121-unit seniors housing community located in the Highland Park area of Dallas. Developed by Anthology Senior Living and designed by PRDG, the 11-story, 130,000-square-foot building will consist of 24 memory care units and 97 assisted living units. Amenities will include a salon, theater, fitness center, library, a pub with a fireplace and elevated terraces. Completion is slated for June 2023.

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Residence-at-Basking-Ridge-New-Jersey

BASKING RIDGE, N.J. — Callahan Construction Managers has broken ground on Residence at Basking Ridge, a 90-unit seniors housing project that will be located about 40 miles west of New York City. Developed by LCB Senior Living and designed by The Architectural Team, the property will offer assisted living, memory care and respite care services. Amenities will include common living rooms, a bistro, salon and a fitness area. The development team expects to begin welcoming residents in early 2023.

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