New entrant into Georgia memory care market
James Deupree, an independent seniors housing developer, is entering the Georgia market with his Westminster™ branded memory care community in Dallas, Georgia (Atlanta MSA). The third Westminster™ property in the Southeast, the community will feature 48 private units separated into four “neighborhoods” with common and dining areas in each. The community will also be the only one to offer memory care services in the town of Dallas. Riverwood Retirement Management, a senior living management and consulting firm based in Orange City, Florida, will operate the community with a 5% management fee. CDH Partners is the architect, while Beacon Construction Company is the contractor for the project,... Read More »California CCRC in the works
Life Care Services (LCS), together with local companies Villaggio Communities, John Madonna Construction and RRM Design Group, announced plans to build a 350-unit entrance fee CCRC in San Luis Obispo, California (located about halfway between Los Angeles and San Francisco) as part of a $500 million mixed-use project that would cater to seniors. In addition to the CCRC, which would be the first in its county, the project will include between 150,000 and 350,000 square feet of commercial retail space, 200 apartments and 60-100 single-family detached homes. Villaggio Communities, a seniors housing developer, is in the process of acquiring 111 acres from John Madonna Construction. The proposed... Read More »In Indiana
Life Care Services (LCS) recently announced it was breaking ground on the Clarendale of Schererville in Schererville, Indiana, the third “Clarendale” property for LCS and construction partner Ryan Companies. The community will feature 177 units of independent living, assisted living and memory care at a cost of $40 million, or $226,000 per unit, to build. The two other “Clarendale” properties are located in Illinois: a 186-unit community in Algonquin and a 156-unit community in Mokena. While the newest property will be ready to open in spring 2017, it will not be short on company. There has been plenty of building going on in the state of Indiana, particularly in the Gary and Indianapolis... Read More »Go with Propero
For operators looking to own their own facilities while minimizing the amount of capital committed to construction, Lancaster Pollard offers a program that may help them do just that. Launched in 2012 and led by Craig Jones, LP’s Propero™ Senior Housing Equity Fund has provided a total of $88 million in gross investments spanning across the acuity spectrum, from IL/AL to memory care to skilled nursing. The way it works is the Fund invests in seniors housing properties as the sole owner and then triple-net leases them to an operator. The operator, therefore, doesn’t have to invest as much equity in the project or acquisition and can then choose from a predetermined purchase option schedule... Read More »A lot of building, but what’s the cost?
Taking a look at the NIC MAP® Construction Monitor as of Q2:15, which examines seniors housing construction in the Top 99 MSAs, we noticed on the AL side there were 22 MSAs with a construction vs. inventory ratio above 10%. If that doesn’t show a frothy development market, then what does? But, what is the cost to build in some of those MSAs? The Sarasota market, which has gotten a good amount of attention for its development pace, has eight assisted living properties under construction, and 893 units, representing a construction vs. inventory ratio of 30.7%. According to our data, which tracks senior living construction projects since 2013, majority-AL communities in the Sarasota market... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
