A 275,000-square foot, 205-unit senior living community with five stories of independent living and three stories of assisted living and memory care opened this month in Denver, Colorado, coming with a $78 million, or $380,500 per unit, price tag. The Balfour at Riverfront Park’s urban setting, located in downtown Denver, makes it unique in the senior living world, being walking distance to theaters, restaurants and shops. The building features 112 IL units (which opened in October 2014 and are half-filled so far), 65 AL units and 28 MC units, which are on a separate secure floor.
Michael Schonbrun, the developer and owner, opened his first Balfour Retirement Community in Louisville, Colorado over 15 years ago when he founded Balfour Senior Living. Boston-based real estate investor AEW Capital, which purchased three Balfour communities last March for approximately $103.8 million, or $316,400 per bed/unit, made an equity investment in the project, and Prudential provided a construction loan. Monthly rents start at $3,350 for one-bedroom units, $4,300 for one-bedrooms with dens and $5,800 for two-bedrooms. There are also 28 affordable housing units, with rents starting at $1,500 per month. Balfour is expecting the building to lease up in the next year, as residents begin moving in this March.