Maplewood Grows Its Fairfield County Portfolio

A few weeks ago, we wrote of LCB Senior Living’s latest investments in the high-income Fairfield County, Connecticut, with developments going up in Stamford and Darien. We have wondered whether the demand is there for those projects, and others that have finished in recent years. We know that some of them are operating very well, with full occupancy at $10,000+ per month rents. But now Maplewood Senior Living, headquartered in nearby Westport and already established in the area with five communities in the county, just closed on a 27-acre site in Southport where it plans to build a 98-unit assisted living/memory care community. Construction is expected to begin this summer and will include a restoration of the scenic Mill Pond dam conservation area it overlooks. At the same time, the developer announced a planned 34-unit expansion at its Darien facility, which was built in 2012 with 66 units. We hope all goes well, and the communities lease-up quickly. Maplewood is also in the process of building a 23-floor, 215-unit luxury senior living community in Manhattan, with some rents reaching $20,000 per month. There are few like-communities in the city, so demand may not be an issue, as long as enough residents can afford the rent.

 

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