Watercrest and Waypoint
With its latest seniors housing development in Georgia, Watercrest Senior Living Group is also adding a new partner to its growing roster of development/equity partners. Waypoint Residential, a real estate investment firm focused on multifamily and student housing, is making its debut in the seniors housing industry with this project. Expected to break ground next month and open in late Spring 2019, the community is one of Watercrest’s new prototypes (with at least two others like it to be built in Columbia and Bluffton, South Carolina) with 75 units of assisted living and 32 memory care units. It is located in Newnan, Georgia, which is about 20 miles southwest of Atlanta, and marks... Read More »
LCB Senior Living Leaves New England For First Time
LCB Senior Living is venturing outside of New England for the first time with the help of a construction loan arranged by Cushman & Wakefield. The property in question, located in Chadds Ford, Pennsylvania (Philadelphia/Wilmington MSA), will have 84 units of independent living, assisted living and memory care services, and will be the Massachusetts-based operator’s 15th seniors housing development and the first south of Connecticut. LCB, and its institutional joint venture partner, expects to complete the project in the second quarter of 2019. To finance the project, Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Caryn Donahue of Cushman & Wakefield arranged a $20.5... Read More »
Ambitious 2018 Ahead For Harbor Retirement Associates
Florida-based senior living developer/operator, Harbor Retirement Associates, has a plan to open a new assisted living/memory care community nearly every month in 2018, a tall order for any operator or developer. HRA will start the year by opening a community each in Jacksonville, Florida, and Long Grove, Illinois (Chicago MSA) in January. Then, throughout the year, the company has grand openings planned in Delaware, Ohio, South Carolina, Florida and Virginia, bringing the 2018 total to 10 new communities. And that’s following the three communities HRA opened recently in McKinney and Southlake, Texas and Palm Beach Gardens, Florida. Operationally, opening 10 communities in a year is hard... Read More »
Capitol Seniors Housing Constructs
Capitol Seniors Housing has made it clear that it sees a great opportunity in the 55+ active adult space, but assisted living still has a place in its investment strategy, of course. The private equity firm just broke ground on a brand-new 86-unit assisted living/memory care community in Fulton, Maryland (about halfway between Washington, D.C. and Baltimore). At a cost of $27.5 million, or about $320,000 per unit (high for the area-average of $233,000 per unit, according to our in-house database), the community will be operated by The Arbor Company upon completion, which is expected in late-2018. Read More »
Atria Senior Living Heads To High-Income Fairfield County, Again
Hoping that success will breed more success, Atria Senior Living just broke ground on an 86-unit assisted living/memory care community in Ridgefield, Connecticut, which will be its fourth in the high-income, highly desirable Fairfield County. Average rents are especially high in the county (often surpassing $10,000 per month for memory care services), and already with locations in Darien, Stamford and Stratford, Atria has successfully established its brand there. Now, to Ridgefield, where Atria and its development partner Formation Development Group broke ground on an 86-unit assisted living/memory care community. Located on a four-acre site that was purchased for $3.2 million, the... Read More »Schedule a demo
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