Calamar/Mount Kellett planning 500 “independent light” units annually
Calamar Enterprises and Mount Kellett Capital Management LP have created a joint venture for the purpose of developing a series of senior housing complexes over the next several years. Calamar’s “independent light” model offers varying levels of services to residents, including meal, transportation, and entertainment options. The team plans to develop more than 500 units across the United States each year. Calamar, a real estate developer operating out of Wheatfield, New York (near Buffalo), has been involved in developing senior housing for the past 25 years. The firm’s portfolio currently includes more than 1,000 senior housing units in New York State and Nebraska and will expand into... Read More »More memory care coming to Austin
The LaSalle Group recently broke ground on two assisted living communities in and around Austin, Texas, that will specialize in memory care. Autumn Leaves of Northwest Austin, a $10.7 million project in the lovely Hill Country, will comprise 26,000 square feet and accommodate 46 residents living with Alzheimer’s, dementia, and other types of memory impairment. Autumn Leaves of Georgetown, a $10.3 million project, will also comprise 26,000 square feet but will accommodate 50 residents requiring memory care. The company expects to complete both projects by the end of 2014. Austin, a vibrant city with a current population of 1.8 million and a growth rate of 2.8%, is one of the fastest-growing... Read More »Omega Communities pursues faith-based opportunities
Omega Communities, based in Birmingham, Alabama, is differentiating itself in the development arena by focusing on the company’s relationships in the faith-based community. Combining the investment opportunity in senior housing with the affinity of “dynamic, impacting churches” presents benefits that investors are likely to find both substantial and sustainable, according to Omega. At the same time, church partners fulfill their mission of ministering to seniors in their local communities—and share in operating revenues. The company’s “affinity relationship” model for developing senior living communities requires a sponsoring church that meets “strict financial and impacting criteria,”... Read More »“Cutting-edge” memory care comes to Kansas City
Last week, Wexford Place Assisted Living & Memory Support by Senior Star celebrated its grand opening. The new community, adjacent to the Wexford Place independent living community in Kansas City, Missouri, features 43 assisted living and 44 memory support residences designed specifically for people facing Alzheimer’s disease or dementia—whether they require just a helping hand or full specialized care. As in all Senior Star communities that offer memory care, Wexford Place Assisted Living & Memory Support has a Snoezelen® multisensory room to help in the management of dementia-related behavior by stimulating the person’s various senses; Functional Destination Programming® to... Read More »Caddis Partners: “Full speed ahead” on Heartis-branded communities
This month, Caddis Partners began construction on its fifth and sixth Heartis-branded communities in Texas. Heartis Cypress and Heartis Clear Lake—both located in the Houston area and both 78-unit communities (54 assisted living units and 24 memory care beds)—are expected to open in early 2015. Caddis, a Dallas-based real estate development, management, and investment firm operating strictly within the health-care sector, announced in June 2013 that it would invest $100 million in the senior living segment over 24 months. At that time, too, construction had just begun on Heartis Cleburne, a 96-unit assisted living and memory care community south of Fort Worth and the company’s first... Read More »Village Pointe Commons moving forward in Wisconsin
Tarantino & Co., the Waukesha, Wisconsin, real estate developer, plans to build a $20 million senior housing community in a commercial district on the south side of Grafton, Wisconsin. The 200-unit project, to be called Village Pointe Commons, will have levels of care, services, and amenities common to the senior communities that the developer already operates under its Capri Senior Communities banner. An aging mall that once occupied the development site was razed in 2008 to be replaced by an extensive mixed-use project—a 17-building complex on 22 acres that included a new retail center and townhouse- and apartment-style condominiums. The retail center was finished before the full... Read More »Creating “silk purses” from “sow’s ears” in Indianapolis
Joe Whitsett, an Indianapolis native and prominent tax-credit real estate lawyer before founding TWG Development, LLC, has an affinity for historic buildings. Since 2007, TWG (originally The Whitsett Group) has been turning rundown buildings in and around the city from eyesores into attractive affordable housing for seniors and for families. The most recent example is a $9.6 million conversion of a four-story structure at 1352 N. Illinois Street—built in 1929 and formerly occupied by a commercial laundry—into 63 affordable seniors housing units. The project was awarded $836,756 in federal low-income housing tax credits (LIHTCs), as well as $450,000 in additional state funding. LIHTCs,... Read More »Trilogy continues its amazing growth
Trilogy Health Services just celebrated the opening of Hearthstone Health Campus in Bloomington, Indiana, and announced the grand opening of Arlington Place Health Campus in Indianapolis. The two new developments represent Trilogy’s 79th and 80th senior living communities, the provider’s 49th and 50th sites in Indiana, and the seventh and eighth major new campus development or expansion projects undertaken by the company in the past year. A $10 million building, Hearthstone Health Campus has 104 units—26 assisted living and 78 skilled nursing—in a “town square” residential setting, which is the model Trilogy has used in its other recent senior living developments. Private and companion... Read More »Presbyterian Communities & Services: 2 projects underway
Presbyterian Communities & Services (PC&S), a not-for-profit senior living organization based in Irving, Texas, has two large development projects underway in Dallas: 1) a five-stage makeover of Presbyterian Village North, and 2) a state-of-the-art inpatient hospice center. Pi Architects of Austin prepared a five-stage master plan for renovating and expanding Presbyterian Village North, a 550-resident community on 67 acres. Phase 1 of the makeover, priced at $87 million, includes general renovations but also adds new independent living, assisted living, memory care, and rehabilitation facilities, along with new fitness and aquatics centers. The project began last May, with... Read More »LBGT low-income senior housing—a Philly first
Wrapped in an enormous rainbow-colored ribbon, John C. Anderson Apartments, a low-income housing project specifically targeted to LGBT seniors, officially opened in Philadelphia on February 24. The first LGBT-friendly senior apartment community in Pennsylvania—and the largest of only three (so far) in the entire United States—was the brainchild of Mark Segal, a long-time gay-rights advocate and president of The Dr. Magnus Hirschfeld Fund (dmhFund), which supports programs that address LGBT concerns. To develop the project, dmhFund partnered with Pennrose Properties, which specializes in affordable housing development primarily in the Mid-Atlantic region. John C. Anderson, for whom the... Read More »Schedule a demo
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