Author

Jeff Shaw

DevelopmentFloridaNews

Watermark, Zom Open 154-Unit Community in West Palm Beach, Florida

by Jeff Shaw

WEST PALM BEACH, Fla. — Watermark Retirement Communities and Zom Senior Living have opened The Watermark at West Palm Beach, a 154-unit seniors housing community in the South Florida city of West Palm Beach. The community is the latest addition to Watermark’s luxury Élan Collection of communities. “West Palm Beach offers everything today’s sophisticated seniors want, including easy access to travel and proximity to dining, shopping, arts, culture and world-class medical care,” says David Freshwater, chairman of Watermark Retirement Communities. Spanning over 245,000 square feet, The Watermark at West Palm …

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Assisted LivingDevelopmentFloridaNews

SRI Management, Rimrock Cos. Complete The Canopy at Duval Station in Jacksonville

by Jeff Shaw

JACKSONVILLE, Fla. — SRI Management, in conjunction with Jacksonville-based real estate developer Rimrock Cos., has opened The Canopy at Duval Station, a seniors housing community in Jacksonville. The property offers assisted living and memory care services. The number of units was not disclosed. The community’s executive director is Leslie Nostrant.

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AcquisitionsNew MexicoNewsSkilled Nursing

Blueprint Brokers Sale of 52-Bed Sunset Villa Care Center in Roswell, New Mexico

by Jeff Shaw

ROSWELL, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Villa Care Center, a 52-bed skilled nursing facility in Roswell. The facility is located within three miles of two regional acute care hospitals. It was built in 1965, but “is very well maintained, and had strong recent and historical financial trends,” according to Blueprint. Blueprint’s marketing efforts focused on highlighting the facility’s high cash flows, operating margins, and the local submarket’s strength. At the time of marketing, the facility was running revenues of approximately $6 million. …

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CaliforniaDevelopmentMemory CareNews

MorningStar Completes Renovations at Community in Pasadena, California

by Jeff Shaw

PASADENA, Calif. — MorningStar Senior Living has reopened its 144-unit Pasadena community. Soon after assuming management in December 2020, MorningStar, a Denver-based senior living owner and operator, began a complete renovation of the four-story community. “The extensive renovation of MorningStar Senior Living of Pasadena recognizes the desire for retirees to remain in the neighborhoods they love, but with options for contemporary living,” says Ken Jaeger, MorningStar founder/CEO. “This redesign reflects our substantial experience in taking senior living innovation to the next level while continuing to meet the pressing need for …

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Assisted LivingDevelopmentFinanceFloridaNews

Capital Funding Group Provides $27.2M Loan for Seniors Housing Conversion Project in South Florida

by Jeff Shaw

SUNRISE, Fla. — Capital Funding Group has provided a $27.2 million construction loan for the conversion of a partially completed hotel in South Florida to a 191-unit assisted living community. The property is located at 3003 N. University Drive in Sunrise, about 10 miles west of Fort Lauderdale. The borrower, YMP Real Estate Management, will use $7.4 million of the financing to complete the shell construction. YMP will also manage the seniors housing community when it opens. The construction timeline was not disclosed.

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Company NewsNewsPeople

Former Welltower CEO George Chapman Dies at 75

by Jeff Shaw

TOLEDO, Ohio — Longtime seniors housing industry executive, most recently the founder and CEO of ReNew REIT, George Chapman died Wednesday. Although the cause of death was not disclosed, ReNew described his passing as peaceful and surrounded by family. He was 75. Chapman was the former CEO of Welltower (NYSE: WELL), then known as Health Care REIT, from 1995 to 2014. Under his watch, the company grew from a mid-sized company with a market capitalization of $394 million to a REIT giant with a market cap of $15.5 billion. Welltower …

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AcquisitionsActive AdultFloridaNews

Virtus, Blaze Acquire 163-Unit Active Adult Community in Davenport, Florida

by Jeff Shaw

DAVENPORT, Fla. — Virtus Real Estate Capital and Blaze Capital Partners have acquired The Pointe at Siena Ridge, a 163-unit active adult community in Davenport, a suburb southwest of Orlando. This is Blaze’s fourth acquisition in the active adult sector over the past five months following Hardy Springs in the Paulding County submarket of Atlanta; Annabelle on Main in the Duluth submarket of Atlanta; and Sage Stone Oak in San Antonio, Texas. The Pointe at Siena Ridge is Blaze’s first active adult investment in Florida. “As the baby boomer generation …

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Active AdultDevelopmentMassachusettsNews

Habitech Acquisitions to Develop 141-Unit Active Adult Community in Stow, Massachusetts

by Jeff Shaw

STOW, Mass. — Massachusetts-based developer Habitech Acquisitions has acquired 37.3 acres in Stow, about 30 miles west of Boston, with plans to construct a 141-unit active adult community. Known as The Cottages at Wandering Pond, the project will feature a recreation area with walking trails, as well as a clubhouse, pool, activity lawn and a pickleball court. Jake Parsons of SVN | Parsons Commercial Group | Boston represented the seller, EFMC Associates, in the land deal and procured Habitech Acquisitions as the buyer. A construction timeline was not disclosed.

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AcquisitionsAssisted LivingGeorgiaNews

Blueprint Arranges Sale of Three Communities in Georgia

by Jeff Shaw

GEORGIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of three seniors housing communities in Georgia. Located in secondary markets throughout the state, the portfolio totals 156 units of assisted living and memory care. While at the time of sale the communities were not stabilized, the portfolio was well-positioned to capitalize on the strong demand for affordable senior care within their respective local markets, according to Blueprint. The buyer was a regional owner-operator that has been actively expanding within the Southeast. The seller and price were not disclosed.

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Industry VoicesTechnology

What the Data Revolution Means for Resident Wellness

by Jeff Shaw

By Ali Sareea, CTO, Glennis Solutions Back in the mid 1970s, Business Week boldly predicted the advent of the “paperless office.” It was a concept that made sense because computers were becoming commonplace for the first time, and functions such as accounting and record-keeping were perfectly suited for digitization. As it turned out, however, the amount of paper used in business doubled between 1980 and 2000 despite major advances in technology. Over the last two decades, many industries have replaced paper-based processes with digital tools, but senior living has been …

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