Capitol Seniors Housing Flips Ann Arbor Assisted Living Community
It’s only been two years since Capitol Seniors Housing acquired a 75-unit assisted living/memory care community in Ann Arbor, Michigan, but the time has come to sell. Richard Swartz, Jay Wagner, Sam Dylag and Chris Remeika of Cushman & Wakefield found a buyer in Kayne Anderson Real Estate, with Provision Living staying on as the operator. No purchase price was disclosed. Originally built in 2000, the community features 63 assisted living and 12 memory care units. When CSH purchased the community from Provision Living in January 2017, they committed to investing in resident care technology, additional common areas and unit renovations. Those projects also eventually included a brand-new... Read More »
Capitol Seniors Housing Opens High-End Maryland Community
Capitol Seniors Housing just opened an assisted living/memory care community in the Baltimore area at a cost of $27.2 million, or nearly $325,000 per unit. Unique to the community (and probably pushed up its development cost) is its location adjacent to the 79-acre Waugh Chapel Towne Centre, which features a Wegmans, Target, Dicks, an IMAX theater and others. The community itself, in addition to its 84 units, featured a second-story terrace, a courtyard and a number of amenities. Moseley Architects designed the building, with Faulkner Design Group designing the interior. CSH hired The Arbor Company to manage the community and to oversee its fill-up. Read More »
Capitol Seniors Housing Refinances California Community
Five years on from its acquisition of an 83-unit senior living community in Tustin, California, Capitol Seniors Housing is refinancing the property with a $15 million loan secured by Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing. Originally built in 1985, this community consists of mostly assisted living units, with a memory care component as well. We have heard that it was acquired from Harrison Street Real Estate Capital five years ago for around $250,000 per unit and at a market cap rate close to the average for AL communities (around 8%). Since then, Capitol Seniors Housing has invested in capital improvements and modern updates to better compete with other... Read More »
The 55+ Active Adult Market: The New Frontier of Seniors Housing
Judging by the number of questions we got during our May 16th webinar called “The 55+ Active Adult Market: The New Frontier of Seniors Housing,” it is safe to say that there is plenty of interest in this growing market. Our listeners tuned in to find out what prices active adult communities have been trading at, their cap rates, and what exactly operationally goes into this no-care and low-services senior living option. You can still listen here. Our Editor, Steve Monroe, and several experts that included Ryan Maconachy of Newmark Knight Frank, Ryan Frederick of SmartLiving 360 and Michael Hartman of Capitol Seniors Housing made up our panel, bringing in different perspectives on how to... Read More »