New Seniors Housing Investor In The Old Dominion

There’s a new entrant in the seniors housing industry by the name of Bonaventure Realty Group. Coming from the multifamily space, like many new seniors housing investors these days, Arlington, Virginia-based Bonaventure plans to open its first independent living community further south in the town of Henrico (Richmond MSA).

Featuring 148 one- and two-bedroom units, the community (called Aspire at Carriage Hill) will host a number of amenities, including an indoor pool, salon and spa, fitness center, patio, gazebo and outdoor dining with a fire pit, among others. Amenities from the adjacent gated 55+ apartment complex will also be available to residents.

The total cost is estimated to be around $31.6 million, or $213,500 per unit, which is nearly $30,000 per unit off of our most recent rolling four-quarter acquisition average of $241,300 per unit, as of June 30, 2018. That goes to show the importance of existing census at these communities, especially with the rising move-in age. Slated to open by May 2019, the community will be managed by experienced operator Solvere Senior Living.

 

 

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