In its third quarter earnings report, Omega Healthcare Investors (OHI) revealed a $68 million property purchase in Washington, D.C. for a major seniors housing development. The existing 173,932-square-foot building was previously home to The Fairfax Embassy Row, a historic hotel that will now become a luxury 174-unit assisted living community called Inspir Embassy Row.
OHI has entered into a single-facility lease for the property with Maplewood Senior Living through August 2045, which will be its second Inspir location after first opening a community in New York City. But this also represents Maplewood’s entry into the Washington, D.C. market. Substantial construction of the community is expected to be completed by the first quarter of 2025. Hopefully by then, the industry’s census issues have been largely ironed out.
