Shuttered College Redeveloped into Seniors Housing

Shuttered College Redeveloped into Seniors Housing

Small, private colleges in the Northeast have had a tough time in recent years with declining enrollment and ensuing financial hardship, and several campuses have closed for good. One of those former campuses is getting a second life as a seniors housing community, an industry that is also currently undergoing hardship but that has a bright future for growth.  The College of St. Joseph in Rutland, Vermont shut down in 2019 and returned the campus to the bank, Heritage Family Credit Union. Several buyers were interested in the property, but Florida-based Heartland Communities rose above the rest and entered into a purchase and sale agreement for an undisclosed amount.  Heartland will... Read More »
Joint Venture Develops D.C.-Area Senior Living Community

Joint Venture Develops D.C.-Area Senior Living Community

In a joint venture with Flournoy Development Group, Cadence Living has broken ground on a new senior living development in Olney, Maryland (Washington, D.C. MSA). Set on 37 acres that includes 31 acres of forest preserve, which residents will be able to take full advantage of, the community will feature a three-story, 75-unit independent living and assisted living building and a two-story, 32-unit memory care building, for a total of 107 units. There will also be plenty of indoor and outdoor amenities.  When it opens in 2022, this will be Cadence’s first community in Maryland, and first in the Mid-Atlantic region. Same thing for Flournoy Development, which was previously focused on the... Read More »
Senior Care Advisors Secures Construction Financing For Florida Property

Senior Care Advisors Secures Construction Financing For Florida Property

Bruce Gibson of Senior Capital Advisors successfully closed construction financing for a to-be-built senior living campus with a unique addition to it. Located in the Westchester suburb of Miami, Florida, The Contemporary will feature 85 units of independent living along with MedSquare Place, a 33,000-square foot medical office component on the first floor of the building.   We have always been a fan of adding services like these to senior care campuses, which not only add a convenience to the seniors living there but also provide some revenue diversification for the building. The added visibility for the community by patrons of the MOB doesn’t hurt either with its local reputation. Some... Read More »
Capitol Seniors Housing Opens Community In Chicagoland

Capitol Seniors Housing Opens Community In Chicagoland

Capitol Seniors Housing opened a brand-new assisted living/memory care community in Chicago’s Highland Park neighborhood to be operated by Atria Senior Living. What’s the name for the new community? Appropriately, it’s Atria Highland Park.  This property was designed by Richmond, Virginia-based Mosely Architects and Austin, Texas-based Studio Six 5, and features 72,000 total square feet in three stories. There are 86 units, 22 of which are in a separate memory care neighborhood that also features a salon. Other amenities across the community include a theater, art studio, fitness center and a wellness center offering health checkups and monitoring. That probably reduces the stress of not... Read More »
Greystar Develops New Florida Community

Greystar Develops New Florida Community

Greystar Real Estate Partners announced the development of a new 55+ active adult community in Winter Garden, Florida. Situated near numerous shopping, dining and entertainment options, the community will feature 180 units, divided between 110 one-bedroom and 70 two-bedroom units.   There are also more than 9,000 square feet of amenities, including a clubhouse with a private wine room, a covered patio, swimming pool, dog park and golf cart trails. Finally, food options will include a communal food hall and brewery concept, along with multiple restaurant options, a rooftop bar and significant outdoor seating along Lake Hancock.   It will be called Overture Hamlin, joining two... Read More »
Gardner Capital Invests In Midwest Seniors Housing Properties

Gardner Capital Invests In Midwest Seniors Housing Properties

Family-owned private equity firm Gardner Capital made a couple of investments in the senior apartment market, both in the Midwest. First, the company and partner Housing Authority of Elgin developed a brand-new community in West Dundee, Illinois, with 61 units set aside for low-income seniors. And according to Gardner Capital, this is just the first of several projects planned for the Chicago area.  The community features one-bedroom units with 735 square feet and two-bedroom units with 892 square feet. Omaha, Nebraska-based Seldin Company will operate it, adding the property to its large presence in the central United States, including in Nebraska, Iowa, Illinois, Missouri, Kansas,... Read More »