Two years after acquiring a former hotel in Nassau County, New York, Capitol Seniors Housing has converted and reopened the property as a new full-service independent living community. Formerly a Residence Inn by Marriott, and now named The Residences at Plainview, the building underwent a full transformation (to the tune of $19.6 million) into an upscale senior living community with a host of amenities. They include many familiar favorites, like indoor and outdoor pools, a putting green, sauna, exercise facilities, a bistro, bar, movie theater, concierge and valet parking, to name a few. There are also 114 residential units, with studio, one- and two-bedroom options.
Capitol Seniors Housing acquired the 170-room hotel from Greenbriar Associates in February 2019 for $20.3 million, or $119,400 per room. Adding the estimated conversion and renovation costs, that puts the total investment around $283,300 per unit. Chelsea Senior Living was selected as the operator.
