Capitol Seniors Housing’s development pipeline is growing fast, as luxury senior living communities continue to go up and down the Acela Corridor, and Chicagoland too. The firm has announced its two latest projects in Andover, Massachusetts and Glenview, Illinois, both scheduled to open in the fourth quarter of 2018. The Andover community will feature 96 units, at a cost of $36.5 million, or $380,200 per unit. The Northbridge Companies will take over management.
And in Glenview, CSH is building an 83-unit assisted living community for $28.4 million, or $342,200 per unit, which will be managed by Atria Senior Living. The community will complement CSH’s 95-unit community in nearby Naperville, scheduled to open in January 2018. Across its portfolio, CSH has four more communities in New Jersey, totaling 335 units, that it plans on opening throughout 2018.
Those luxury communities will come with high rents, which of course limits the potential resident pool. So, while we have not heard of overdevelopment, or potential fill-up problems, in New Jersey, that is not the case for the Chicago MSA.
