It’s full steam ahead for Capitol Seniors Housing’s construction strategy. The Washington, D.C.-based private equity firm just opened one assisted living community in Naperville, Illinois (Chicago MSA), but has nine more projects coming down the pike, all totaling nearly $300 million. The 95-unit Naperville community cost approximately $27 million to develop, or $284,200 per unit, and is operated by Arbor Company. It will soon be joined by another Chicagoland development in the form of an 83-unit senior living community in Glenview, expected to open later this year at a cost of $28.4 million, or about $342,200 per unit. That figure is more closely in line with Capitol Seniors Housing’s typical seniors housing development, which of the nine projects currently under construction, all are estimated to cost over $320,000 per unit.
Totaling 785 units, they include communities in New Jersey (4), Maryland (2), New York (1), Illinois (one in Glenview) and Massachusetts (1), with targeted openings ranging from this Spring to first quarter of 2019. Assuming the market for luxury seniors housing isn’t saturated in some areas, these high-end communities should do well in these affluent, high barrier-to-entry locations.
