Active Adult Development Market Stays Strong
We’ve been hearing all about increased interest in the active adult sector, and we’ve been seeing a lot of it too as many new communities have broken ground or opened their doors within the past month. In July, we reported on Trez Capital providing $48 million in construction financing for a new active adult development in Sarasota, Florida, and now the project has officially begun vertical construction. The 178-unit development named The Alloro at University Groves has been spearheaded by United Group of Companies. Development costs are estimated at $64.5 million, and project partners include Current Builders and Trez Capital. Adam Horowitz of Cooper Horowitz LLC brokered the... Read More »
Active Adult Development Breaks Ground in South Dakota
Essex Corporation, a national developer, contractor and operator of active adult and independent living communities, has broken ground on a new community in South Dakota. The completed project, set to open in spring 2023, will be called The Parkwood and will feature 133 apartments. Amenities will include one- and two-bedroom rental apartments with the option of a den, open floor plans, walk-in closets, in-unit washers and dryers, covered balconies or terraces, climate-controlled under-building parking, coffee shop, salon, library, theater, guest suite, transportation, light housekeeping, weekday evening meal options and continental breakfasts, a dog wash station, and a car wash bay. ... Read More »
Omega Healthcare Investors Announces Development in D.C.
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... Read More »
Welltower & Kisco Senior Living Break Ground in Maryland
Welltower and Kisco Senior Living announced the groundbreaking of their large senior living community in Gaithersburg, Maryland. Set to open in Spring 2024, The Carnegie at Washingtonian Center will feature 450,000 square feet and 302 total units of independent living, assisted living and memory care. It will sit on 8.5 acres next to RIO Lakefront at Washingtonian Center, a waterfront shopping center with restaurants, amenities and water activities in downtown Gaithersburg. At the community, floorplan options will range in size from one bedroom, one bath (837 square feet) to two bedrooms, two baths with a den (1,487 square feet) and a club level living option that includes concierge and... Read More »
Toll Brothers Proposes Active Adult Development in New York
Homebuilder giant Toll Brothers has proposed the development of a 136-unit active adult community in Yorktown, New York. The development would be built on two properties sitting on approximately 50 acres. It would contain three- and four-unit buildings, a community clubhouse and a pool. The townhouses would include a master bedroom suite, an entertaining space and two-car garages. The community would have a homeowners association and would be sold at market rate. Toll Brothers is currently focusing on speaking with the Yorktown Town Board before committing to the project, as the community would sit on the former property of Field Home Holy Comforter, an assisted living... Read More »Schedule a demo
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