Expensive Expansion for Washington State CCRC
Emerald Heights, a large, not-for-profit CCRC founded in 1992 in Redmond, Washington, officially broke ground on an assisted living expansion project. The building will include 54 one-bedroom units, along with a new dining space, activity rooms, an outdoor patio and a centralized courtyard. Its cost is reportedly $55 million, or over $1.0 million per unit, which is very high for new construction, let alone for an expansion project. The community expects to finance the expansion with a bond issue from the Washington State Housing Finance Commision. Sponsored by the not-for-profit Emerald Communities, the community previously expanded in 2022 with a brand-new, three-story, 42-unit... Read More »
Diversified Healthcare Trust Provides SHOP Update
With its upcoming August 30th shareholder vote on its merger with Office Properties Income Trust, Diversified Healthcare Trust provided some discouraging news on its seniors housing portfolio. It is almost as if they wanted to have bad news, since the dissident shareholders have been touting the recovery of DHC’s SHOP portfolio as one of many reasons to reject the proposed merger as undervaluing DHC. The reason why we say that they seemed to want to share bad news is that they keep on comparing results with 2019 performance, as in July occupancy was 750 basis points below July 2019. Yes, we all know that most operators have not fully recovered from pre-pandemic census levels, but is it... Read More »
Foundry Commercial Adds 16 New Managed Communities
Foundry Commercial continues to expand its seniors housing portfolio, recently adding 16 new seniors housing communities to be managed by Spring Arbor, its in-house operating platform. With the new contracts, Spring Arbor now manages 40 communities in 10 states across the Mid-Atlantic, Southeast and Midwest. In addition to North Carolina, Virginia, and Maryland, where Spring Arbor was already operating, Foundry now has a management presence in South Carolina, Florida, Tennessee, Kansas, Nebraska, Iowa, and Minnesota. Also with these added communities, Foundry and its affiliated joint venture operating partner, Cascadia Senior Living, now operate 54 communities in 12 states. Four... Read More »
Gardant Management Solutions Grows By 45%
Gardant Management Solutions has just taken over management of 25 assisted living communities in Illinois (22) and Ohio (3) with nearly 1,375 units. With this addition, Gardant’s size will increase by about 45%, something that will not be too easy to transition in the current operating environment. The company will now operate more than 80 communities with nearly 7,200 units. Prior to this new management contract, Gardant’s average community size was 106 units. Now it is closer to 90 units since the new 25-community portfolio averages about 55 units each. The Bourbonnais, Illinois-based company focuses on affordable assisted living, and many of these 25 communities were designed to... Read More »
Civitas Developing New Active Adult Community
Civitas Capital Group, a Dallas-based alternative investment manager focused on U.S. real estate, announced it has closed on a new development project to expand its presence in the seniors housing space. Terraces at Tree Farm will be developed lake-side in Basalat, Colorado, within the economic hub of Roaring Fork Valley. It will be a Class-A, 72-unit active adult community surrounded by shops, restaurants, trails, offices, condos, apartments and a hotel. The development of this community qualifies as a rural project, or a Targeted Employment Area project (TEA), which allows for EB-5 investors to obtain access to set-aside visas and priority processing under the EB-5 Reform and... Read More »Schedule a demo
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