Solvere Senior Living is following up on a busy 2017 with a new 195-unit seniors housing development in Hamilton Township, New Jersey, at a cost of nearly $60 million, or just over $300,000 per unit. Opening next month, the community will feature 96 independent living, 75 assisted living and 24 memory care units, with a host of amenities and dining options. Despite Solvere’s being based in nearby Princeton, this will actually be the company’s first foray into the Garden State, with communities already in Virginia, West Virginia, New York, Maryland and Indiana.

The opening comes on the heels of several other projects that Solvere has in its pipeline with a number of development partners. It is currently expanding its presence in three states by taking over management of three to-be-built assisted living/memory care communities in Florida (2) and Texas, and two existing independent living communities in Virginia. Lindell Investments, Inc. partnered with Solvere to develop the communities in Brandon (89 AL and 49 MC units) and Westchase, Florida (64 AL and 37 MC units), with Pridgen Development, LLC also investing in the former.

Meanwhile, Dallas, Texas-based Bridgeview Realty Capital, LLC is developing the Fredericksburg, Texas community, with 60 AL and 24 MC units. Altogether, the three ground-up projects will cost nearly $90 million, or about $280,000 per unit, but it may not stop there, as Bridgeview Realty Capital has a 10-property development pipeline planned, with Solvere in mind as the operating partner. Solvere also assumed management at two existing IL communities, with 238 total units, in Glen Allen (Richmond MSA) and Williamsburg, Virginia, both owned by an affiliate of private equity real estate investment firm, Green Courte Partners, LLC. We will try to keep up with them as 2018 goes on.