BASKING RIDGE, N.J. — Braemar Partners has unveiled plans for Arbor Terrace Basking Ridge, an assisted living and memory care community in Basking Ridge, approximately 35 miles west of Manhattan. Groundbreaking is scheduled for later this year for completion in early 2023. When completed, the property will feature 27 assisted living apartments, 24 units for seniors in early stages of dementia and 29 units for full memory care. The Arbor Company, which operates other senior living communities in New Jersey, will operate the community when it opens. This will be …
COLUMBUS, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Polaris Retirement Community, a 136-unit independent living community in Columbus. The four-story community is directly adjacent to the POLARIS Commerce Center, Ohio’s largest mixed-use development. The top floor was built to assisted living licensing specifications for added options in the future. Developed in collaboration with Pittsburgh-based Graziano Construction and Development Company Inc. and Sweetbay Senior Living, Polaris Retirement Living Properties LP engaged Blueprint to market the property and facilitate the sale process. United Church Homes Inc. (UCH), …
BENBROOK, Texas — Plains Commercial has arranged the sale of Benbrook Nursing and Rehab in Benbrook, approximately 10 miles southwest of Fort Worth. Originally built in 1969 the facility is currently licensed for 115 beds. The seller is a regional owner-operator that decided to cull its portfolio and exit the Dallas-Fort Worth metroplex. The buyer was a regional owner-operator looking to expand its Texas portfolio via a 1031 exchange. The price was not disclosed. Daniel Morris with Plains Commercial handled the transaction.
ALEXANDRIA, Va. — Trammell Crow Co. (TCC) plans to develop a 383,000-square-foot mixed-use development in Alexandria. Located at 765 John Carlyle St., the Class A project will include a 268,000-square-foot seniors housing property and a 115,000-square-foot medical office building. The buildings will be constructed above a common podium, offering a mix of retail uses and a 440-space parking garage. Construction is slated to begin in the third quarter of 2022 for completion by the end of 2024. The 18-story seniors housing building will include approximately 215 residences that will offer …
ROLLING HILLS ESTATES, Calif. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built, 87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story, 65,000-square-foot seniors housing community to be operated by Cadence Living. A large regional bank provided the financing.
SWEETWATER, Fla. — Consolidated Real Estate Investments Holdings LLC (CREI Holdings) has broken ground on Lil Abner Apartments II, a 244-unit affordable seniors housing community in the Miami-Dade County municipality of Sweetwater. Located on a 5.1-acre site, formerly home to Vann Academy, the project will feature an eight-story, 250,992-square-foot building with 197 parking spaces. Units will range from 588 to 940 square feet. There will be 106 one-bedroom units and 138 two-bedroom units. Forty percent of the apartments will be restricted to seniors earning no more than 60 percent of …
SAN DIMAS, Calif. — Advocacy Development Partners and Frontier Management have opened The Terraces of Via Verde, a memory care community in San Dimas, approximately 25 miles east of Los Angeles. Totaling 32 units on 1.2 acres, the developers claim the property to be the first memory care-only community in San Dimas. The location is near Via Verde Park and Via Verde Plaza, a grocery-anchored shopping plaza. The asset is separated into two separate, secured, 15,000-square-foot neighborhoods with 16 units each.
NEW ORLEANS — HJ Sims has arranged $23.3 million in financing for Poydras Home, a continuing care retirement community (CCRC) in New Orleans. Opened in 1857, Poydras now consists of 10 independent living units, 22 assisted living units, 11 memory care units and 64 private nursing care beds. The community will replace all 64 nursing units with a small-house model and add 14 new assisted living units across two three-story buildings. Poydras will be the first certified Green House project in Louisiana, featuring an model of care where the resident’s …
BRADENTON, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cottages of Bradenton, a 64-unit assisted living and memory care community in Bradenton. The seller was a local partnership looking to exit the industry. The buyer was a private partnership in the Northeast looking to expand its Florida portfolio. The price was not disclosed. Bradley Clousing of SLIB negotiated the transaction.
CHICAGO — Waterton, a national real estate investor and operator, has hired Justin Dickinson as senior vice president of investments for Pathway to Living, the seniors housing arm of the Chicago-based firm. Dickinson will oversee the overall investment strategy for Pathway to Living, including acquisitions, dispositions and fundraising for all seniors housing transactions. He will also oversee ground-up development activity for Pathway to Living and will develop investment strategies on a national scale. Prior to joining Waterton, Dickinson was senior vice president of acquisitions/investments for Anthology Senior Living, the senior …