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Hayden Spiess

Cottages at Aspen
AcquisitionsActive AdultMinnesotaNews

Podawiltz Sells 114-Unit Active Adult Community in Metro Minneapolis

by Hayden Spiess

OAKDALE, Minn. — Podawiltz Development Corp. has sold Cottages at Aspen, a 114-unit active adult community located in Oakdale, roughly 20 miles east of Minneapolis.  Built in 1991 and renovated in 2008, the property totals 99,600 square feet and features one- and two-bedroom townhomes, averaging 874 square feet, for residents age 55 and older. Amenities at the community include a library, ponds, walking areas and lawns.  Josh Talberg of JLL represented Podawiltz in the transaction, and Pat McMullen and Joseph Peris of JLL arranged acquisition financing for the undisclosed buyer.  The …

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Brightview-Hunt-Valley
FeaturesFrom The Magazine

Architects Embrace Placemaking

by Hayden Spiess

From ground-up development to renovations, this new wave of projects aims to connect seniors more fully with their surroundings. As the seniors housing industry matures and evolves to meet the needs of a changing customer, so too does the design of the communities. Outdoor spaces have become more vital than ever before as new research emerges about the power of natural sunlight. Architects are integrating technology into design with the goal of creating environments that not only enhance the resident experience but also support operational efficiencies.  Meanwhile, staff break rooms …

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FinanceNews

Cap Rates Remain Flat, Even Compress in Some Cases, CBRE Investor Survey Reveals

by Hayden Spiess

DALLAS — A clear majority of respondents to CBRE’s U.S. Senior Housing & Care Investor Survey conducted in October reported either no change or a decrease in capitalization rates from the prior survey in April.  Meanwhile, the industry outlook for rent growth is less bullish than it was a short time ago as more survey respondents in October predicted flat rent growth in the year ahead,  with April’s poll findings. Administered via e-mail in October, the 15th edition of CBRE’s survey polled the same group of seniors housing real estate professionals …

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Erickson-Senior-Living-Dining
Industry Voices

Exceptional Dining: A Key Ingredient for a Fulfilling Lifestyle

by Hayden Spiess

Nothing shapes — or caps off — an enjoyable day quite like an extraordinary meal served in comfortable surroundings. And nothing fuels an active, engaged lifestyle like dishes made from the finest ingredients and prepared with the utmost care.  Many of the most cherished experiences are shared amid a delicious meal with family and friends. This is true of seniors housing communities, where the opportunity to eat with friends and neighbors in a relaxed atmosphere is one of the primary benefits. At the senior living communities where we work, creating these …

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Assisted LivingDevelopmentMemory CareNewsWisconsin

McShane to Build 72-Unit Assisted Living, Memory Care Community in Mukwonago, Wisconsin

by Hayden Spiess

MUKWONAGO, Wis. — McShane Construction Co. has been selected as the general contractor for Azura Mukwonago, a three-building, 72-unit assisted living and memory care community to be built in Mukwonago, roughly 30 miles southwest of Milwaukee. McShane is constructing the property on behalf of seniors housing developer and operator Azura Living. Positioned on a 6.4-acre site, the property will feature two assisted living facilities and one memory care building. The single-story, wood-frame buildings’ exteriors will integrate full stone veneer masonry and Hardie board. There will also be a barn on-site. Units will …

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Watercrest Fredericksburg Assisted Living and Memory Care
Assisted LivingDevelopmentMemory CareNewsVirginia

Watercrest Underway on 142-Unit Assisted Living and Memory Care Community in Fredericksburg, Virginia

by Hayden Spiess

FREDERICKSBURG, Va. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles southwest of Washington, D.C.  Upon completion, the property will feature 142 units, with 106 assisted living and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards.  Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank …

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AcquisitionsNewsWisconsin

SLIB Brokers Sale of 80-Unit Seniors Housing Portfolio in Wisconsin

by Hayden Spiess

FOND DU LAC AND DE PERE, Wis. — Senior Living Investment Brokerage (SLIB) has brokered the sale of a seniors housing portfolio in Wisconsin. A private equity group with holdings throughout the Midwest sold the portfolio, which totals 80 units across two communities, for an undisclosed price.  The properties include Sage Meadow of Fond du Lac in Fond du Lac and Sage Meadow of De Pere in De Pere. Fond du Lac and De Pere are roughly 70 miles northwest of Milwaukee and five miles south of Green Bay, respectively. The buyer …

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Assisted LivingDevelopmentIndependent LivingMemory CareNewsWashington

PMB, Springs Living Complete Development of 250-Unit Senior Living Community in Vancouver, Washington

by Hayden Spiess

VANCOUVER, Wash. — PMB and The Springs Living have completed the development of The Springs at Waterfront, a 250-unit senior living community located in Vancouver, roughly 10 miles north of Portland, Ore. Situated within the Waterfront master-planned, mixed-use community, the property comprises 360,000 square feet across 12 stories.  PMB served as the developer on behalf of The Springs Living. The project team also included general contractor Howard S. Wright and GBD Architects. Capital partners include Harrison St., Huntington Bank, City National Bank, Comerica Bank and First National Bank.  Opened earlier this …

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Brian-Chandler_Partner-Valuation-Advisors
AcquisitionsAssisted LivingFeaturesFinanceIndependent LivingIndustry VoicesInvestmentMemory Care

Seasoned Appraiser: Buyer-Seller Standoff Eases, Transaction Activity Picks Up

by Hayden Spiess

For over two years, a persistent bid-ask spread between buyers and sellers of seniors housing properties prevented many deals from getting done.  Seniors Housing Business (SHB) caught up with Brian Chandler, senior managing director and national practice leader for seniors housing for Raleigh, N.C.-based Partner Valuation Advisors. As an appraiser in the seniors housing and care sector, he is privy to in-progress deals months before closing, including transaction data.  He says a growing number of buyers and sellers are agreeing to close transactions and shares more here.  SHB: Some experts say a growing number …

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Plano, Texas Hotel Property
Assisted LivingDevelopmentFinanceMemory CareNewsTexas

Eastern Union Secures $20.4M Financing for Assisted Living Conversion Project in Plano, Texas

by Hayden Spiess

PLANO, Texas — Eastern Union has secured two loans totaling $20.4 million to finance the conversion of a former hotel property in Plano, Texas, into an assisted living community. Totaling 137 room across six stories, the building was most recently operated as a Deluxe Inn and was previously a Comfort Inn. Built in 1984 and renovated in 2005, the property has been owned and operated by Maheshbhai Patel since 2022.  Meir Abrahamson of Eastern Union arranged the transaction, which included a construction loan, as well as the refinancing of an existing …

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