Kauhale Health Set to Grow in the Midwest
Brand-new operator Kauhale Health announced it has formed a strategic alliance with seniors housing industry veteran Torey Riso. The former CEO of Blueprint Healthcare Real Estate Advisors and publicly traded Care Investment Trust will assist Kauhale in expanding its Midwest portfolio, which currently sits at one owned and one managed property, both in Michigan. According to Levin Pro LTC, Kauhale Health made their first seniors housing acquisition in August with the purchase of Vicinia Gardens of Otsego, a 52-unit assisted living community in Michigan. Previously, Kauhale was appointed manager of the CCRC Vista Grande Villa in Jackson, Michigan in March 2022. By partnership with Mr. Riso,... Read More »
Erickson Senior Living Opens Phase I of $500 Million Development
A new independent living community, Avery Point by Erickson Senior Living, is set to open after two years of construction. Erickson Senior Living developed the community and will operate it going forward. Eventually, the IL portion will be part of a massive 1,400-unit CCRC on 94 acres in Goochland, Virginia (Richmond MSA). Construction started in 2019 with Phase I consisting of 216 independent living apartments in one- and two-bedroom configurations. Erickson announced that Phase I is already filled to capacity and they are expecting the Phase II developments to be sold out as well. Moseley Architects is the architect for the $500-million-dollar development project, which should come out... Read More »
Del Webb Develops in Texas
Del Webb is set to open its newest 55+ community, Del Webb Fulshear, just west of Houston, Texas. Comprising 725 single family ranch-style homes across more than 230 acres, Del Webb Fulshear features three unique home series from Del Webb’s consumer-inspired GenYou collection: The Scenic, Distinctive and Echelon. The resort-style community will offer over three miles of walking trails in addition to an indoor and outdoor pool with prices starting in the high $200,000s. Del Webb has been busy developing its own brand of large 55+ communities, which fall out of the generally accepted definition for active adult communities (as AA communities are usually rental options). However, active adult... Read More »Active Adult Developments Stay Active Across America
Active adult new construction activity continued apace this past week with multiple developers breaking ground on communities throughout the country. We are sure rising interest rates have stopped a number of projects, but many developers surely see plenty of opportunity in the emerging sector. As covered in our active adult webinar in June, one question that arose was whether it’s better to build or buy active adult communities right now. Back then, the answer was a resounding “Both.” However, in light of the high capital costs these days, purchasing a community at a 4% cap rate when the 10-Year Treasury Yield is approaching 4% may not make as much sense right now. In Northampton,... Read More »Texas Development Lands Construction Financing
A major theme coming out of the NIC Fall Conference was the drying up of the construction lending market, but JLL Capital Markets announced it has arranged $61 million in construction financing for the development of The Preserve at Spring Creek, a 230-unit assisted living, memory care and independent living community in Garland, Texas. JLL worked on behalf of the joint venture sponsor, JAMP Enterprises LLC and Frontier Management LLC, to secure the 15-year, 75% loan-to-cost, floating-rate loan through a regional bank, with five years of interest only. The community will consist of a 120-unit apartment-style complex as well as 110 additional two-bed, two-bath independent living cottages... Read More »Schedule a demo
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