Capitol Seniors Housing (CSH), a real estate investor/developer specializing in seniors housing, recently announced that it had invested over $90 million in four senior living developments, all set to open in 2015.
For roughly $34 million, or $312,000 per unit, CSH plans to open a 109-unit assisted living/memory care community (which includes a 39-unit freestanding memory care community) this month in Torrance, California, to be managed by Integral Senior Living. In May, a 79-unit AL/MC community (with 54 AL units and 25 MC units) is expected to open for a total cost of approximately $23 million, or $291,000 per unit. The building is located in Marlboro, New Jersey, which is about 30 miles south of New York City and right in the geographic center of its manager’s (New Jersey-based Chelsea Senior Living) operations.
Finally, CSH brought in The Arbor Company to manage two new properties, a 92-unit assisted living/memory care community in Tampa, Florida which cost about $20 million, or $217,000 per unit, and will open in April, and a 48-unit stand-alone memory care community in Fairfax, Virginia which cost around $15 million, or $312,500 per unit, and is expected to open in October.
CSH seems to be growing at a good pace on the acquisition side, having purchased nine seniors housing assets (roughly split between independent and assisted living) totaling approximately $177 million in the past two years.
