Opportunistic Texas developers growing in-state and out
Civitas Senior Living is flexible when it comes to its growth. With the right deal and the right partner, the company develops assisted living/memory care communities with the intent of owning and operating them outright, co-owning with a development partner or being brought in as a third-party manager with a smaller ownership stake. They’ll build independent living where it’s needed too. With three properties open, and two of them stabilized in Winnsboro (East Texas) and Mesquite (Dallas MSA) with 94% occupancy, Civitas has five communities under construction, with two set to open in March 2015 in Midlothian (North Texas) and Austin, two in June 2015 in Flower Mound and Allen (both Dallas... Read More »RED Capital fueling Discovery Senior Living
RED Capital Partners is helping to fuel the growth of one Florida seniors housing developer with six to 10 properties in the works in the Sunshine State. Discovery Senior Living currently manages and partially owns (through its affiliate Discovery Management Group) six large “Aston Gardens” independent living communities in Florida, and the company took over operations and received an ownership interest from Plano, Texas-based Conservatory Senior Living at five independent living communities in Texas (totaling 1,051 units) in March 2014. The company has also made other acquisitions in Florida and Alabama. But, Discovery is fast getting into assisted living and memory care development too.... Read More »MorseLife’s $150 million Expansion
MorseLife, a not-for-profit provider of senior care and housing at its campus in West Palm Beach, Florida, is currently undergoing a four-phase $150 million capital expansion project called The Campaign to Transform MorseLife. The company embarked on the campaign in 2010, and has so far raised about $25 million, with more to come from individual philanthropists. Two phases have already been completed, including the addition of a short-term rehab facility that houses 120 beds and a significant renovation of the campus’ 160-bed long-term care building. MorseLife has already commenced construction on a new 82-unit assisted living/memory care building that is set to open in May 2015. Finally,... Read More »LCB Senior Living fast expanding in New England
Few are talking about New England during this seniors housing development boom. In the Northeast, there are more barriers-to-entry, more existing product and more expensive land, in sharp contrast to a region like the Southwest where construction is fast leading to overdevelopment in some areas. But with a higher income population, an aging product and less competition for brand new communities, some developers have big plans in New England. According to our database, Epoch Senior Living has three “Bridges by EPOCH” communities under construction and set to open in summer 2015 in Connecticut. Benchmark Senior Living has been a consistent builder in New England, with two communities opening... Read More »Celebration, indeed, for one Florida developer
When there’s no senior living community within 15 miles of a town with an aging, well-off population, opportunity’s knocking for the first developer to get in there. That was case for Richard Ackerman, founder of Big Rock Partners, a private real estate investment management firm based in Beverly Hills, California and Delray Beach, Florida that invests in and develops a wide variety of commercial real estate. Ackerman, before founding Big Rock in 2004, previously worked at Apollo Real Estate Advisors and Crocker Realty Trust specializing in development and ownership of office buildings and other commercial and residential real estate. Recently, Ackerman bought land in Celebration, Florida... Read More »Aging Maine
Mark Eves, the Democratic Speaker of Maine’s House of Representatives, released a report recently that showed a growing issue in Maine: that the state with the oldest population did not have enough adequate housing for its growing senior population. Maine already has the oldest population based on median age (44 years), and by 2030, one in four of Maine’s residents will be 65 or older. While the state’s Baby Boomers still have a ways to go before they need senior care, 17% of the state’s population is 65 and older, second only to Florida with 18%, according to the U.S. Census. If construction for seniors housing is so hot in Florida, what about Maine? In our seniors housing construction... Read More »Experienced developers ready to roll out new 20-property pipeline
The Bainum family is well-known in this industry. Stewart Bainum Sr. began building nursing homes in the late 1950’s and eventually formed Manor Care, which was known as a leader in the nursing home business, not only for is size but also for the quality of its homes. In the 1980s, the Bainums pioneered the development of specialized memory care in their nursing homes, and after Manor Care’s merger with HCR, the family invested in a new assisted living/memory care development company, Somerford Corp. About three years ago, Stewart Bainum Jr. approached Don Feltman, who had started working for Manor Care in his sophomore year of college, to assemble a team of experienced individuals from... Read More »Memory Care slowing down?
Have we begun to see a slowdown in the interest in building memory care? The last few weeks, we have been hearing some rumblings of developers beginning to be even more cautious, if not dismissive, of constructing stand-alone memory care centers or memory care units within assisted living in certain markets. Last week, we wrote of an assisted living community undergoing a $4.5 million expansion, in which the developer planned to nearly double its assisted living capacity, while taking away one memory care unit. What influenced this decision was the number of AL inquiries the developers received, and the fact that the Cleveland, Ohio market already had plenty of new memory care communities,... Read More »Home is where the Heartis
We’ve written about senior care development in Texas quite a bit recently, but a relatively new brand is making its mark in the Lone Star State. The Heartis brand, developed by Dallas-based Caddis (formerly Caddis Partners), launched in 2013 with the development of Heartis Conroe in Conroe, Texas. Two more communities are set to open next month in Cleburne and Eagle Mountain (Ft. Worth area), and by the end of the year, Caddis will have secured financing (mostly conventional bank financing) for a total of 12 projects. The size and unit breakdowns vary by each community, though currently the company builds a prototype of approximately 78 units (90 beds) with a combination of 54 assisted... Read More »A new Kansas City senior living project
Sentio Healthcare Properties, with development partner O’Reilly Development Company of Springfield, Missouri, is taking a big step into the Kansas City-area market, with the development of a $22.4 million, 142-unit senior living project (costing $157,747 per unit), The Parkway of Blue Springs, Missouri, expected to open in the summer of 2015. Arrow Senior Living will be brought in to operate, which is a new management relationship with Sentio, though currently operates one of O’Reilly’s communities. Key to Sentio’s move into Kansas City was its local partners, with O’Reilly and Arrow (based out of St. Louis) which helped with obtaining the CON. Sentio, which owns senior housing properties... Read More »Schedule a demo
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