Smith/Packett Med-Com, a developer of seniors housing across the Southeast but concentrated in Virginia, is adding a 102-unit assisted living/memory care community to its portfolio. Located on a high-visibility spot in Yorktown, Virginia, The Crossings on the Peninsula will feature 68 assisted living units and 34 memory care units, in addition to an in-house rehabilitation and therapy space for its residents. Working with Cushman & Wakefield/Thalhimer, Smith/Packett closed on the 8.43 acre site in June for $1.16 million and has begun clearing the site for construction. When the community opens in the summer of 2016, to the tune of nearly $16 million, or $156,900 per unit, Smith/Packett’s management arm Harmony Senior Services will take over operations. The projected construction cost is higher than Smith-Packett’s other like-communities in the region, which average around $117,900 per unit, but is actually slightly below the regional average of $174,800 per unit, according to our data. As the Virginia Tidewater becomes more attractive to seniors, we’ll have to see who else follows Smith-Packett, but for now, we have not heard of much overbuilding in the area.
