California Community Set to Break Ground
A seniors housing development is set to break ground in Santa Cruz County, California after Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap sold the 3.35-acre site to the developer. An experienced regional owner/operator in California with more than five developments in its pipeline paid $6.75 million for the site, which is entitled for 82 units and 89 beds of seniors housing. The project is located in Soquel, a high-barrier-to-entry market in an affluent area that surely resulted in the competitive bidding atmosphere for the site. That makes for a happy seller we imagine, as well. Once the project is permitted, construction is expected to commence... Read More »
Greystar Breaks Ground in Chicago Suburb
Greystar is expanding its active adult presence in Illinois with the groundbreaking of Everleigh Vernon Hills, a new amenity-filled community in a northern Chicago suburb. Everleigh will offer one- and two-bedroom units, as well as two-bedroom apartments with a den and separate cottage homes set to surround the apartment building. In total, the 317,000-square foot community will offer 175 apartments and seven standalone duplex cottages with private parking as well as 218 attached parking spaces. Outdoor amenities will include a heated swimming pool and spa, event lawn, game lawn, outdoor lounge with firepits, pool cabanas and a space for pets. Inside, there will be a great room,... Read More »
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 »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
