A Virginia real estate developer is making its second move north across the Potomac, though unlike the Army of Northern Virginia, it is stopping short of Pennsylvania. The company, HHHunt, already has 12 senior living communities in North Carolina, six in Virginia, and one in Severna Park, Maryland, which it opened in late-2015. Now, HHHunt has just broken ground on a development in nearby Crofton (located between Washington, D.C. and Baltimore), at a cost of $29.4 million, or $309,500 per unit. The property is situated on about 10 acres next to the Walden Country Club and will feature 95 assisted living and memory care units under the “Spring Arbor” brand. Other HHHunt developments (most recently in Virgina) have cost approximately the same and far exceed the average for like-communities in the region of nearly $200,000 per unit (according to our in-house development database dating back to 2013). The community will feature a life-skills kitchen, courtyard with water features, walking paths and gardening opportunities to go along with Spring Arbor’s “Horticultural Therapy” programs in its memory care communities. HHHunt has grown by acquisition too, purchasing a 48-unit assisted living community in Richmond, Virginia in September 2016 for $11.5 million, or $239,580 per unit. The community was nearly completed before its Arizona-based owner filed for Chapter 11 bankruptcy protection in December 2015. It is back on track and will open soon.
HHHunt Heads North
