Active Adult

AcquisitionsActive AdultNew MexicoNews

Tailwind Investment Buys 168-Unit Vista Grande Active Adult Community in Rio Rancho, New Mexico

by Jeff Shaw

RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price. Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s …

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Active AdultFinanceNew YorkNews

Northmarq Provides $22M Fannie Mae Refinancing for Springvale Apartments in Croton-on-Hudson, New York

by Jeff Shaw

CROTON-ON-HUDSON, N.Y. — Northmarq has provided a $22 million refinancing for Springvale Apartments, an active adult community in Croton-on-Hudson, approximately 30 miles north of Manhattan. The 31-building, 524-unit property was built between 1956 and 1959. Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains debt/equity office, arranged the permanent-fixed Fannie Mae loan. The transaction was structured with 10-year term on a 30-year amortization schedule. The garden apartment complex for active adults 55 years and older is located in a 35-acre park-like setting overlooking the Hudson River.

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Active AdultDevelopmentFloridaNews

FK Architecture Designs Three Active Adult Developments in Western Florida

by Jeff Shaw

VENICE, SOUTH NAPLES and WESLEY CHAPEL, Fla. — FK Architecture, a Fugleberg Koch Company, has completed design work on three resort-style active adult communities along Florida’s West Coast. The three sites designed by FK Architecture are Solea Wellen Park in Venice, Amberlin Wiregrass Ranch in Wesley Chapel and Amberlin South Naples in Collier County. Sparrow Partners is the developer. All three communities are four stories tall. Solea Wellen Park and Amberlin Wiregrass Ranch each offer 204 units in a mix of one- and two-bedroom units. Amberlin South Naples features 188 …

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Active AdultCaliforniaDevelopmentFinanceNews

Cushman & Wakefield Arranges Equity, Construction Debt for $70M Avenida Folsom Project in California

by Jeff Shaw

FOLSOM, Calif. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom in the Sacramento suburb of Folsom. Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity, and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan. The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center …

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AcquisitionsActive AdultNew YorkNews

Invesque Sells Calamar Seniors Housing Properties as Part of Portfolio Simplification

by Jeff Shaw

WHEATFIELD, N.Y. — Invesque Inc. (TSX: IVQ) has sold $113 million of non-core assets, including its interests in two Calamar-branded active adult communities in Wheatfield, a northern suburb of Buffalo. Inclusive of previously announced dispositions, Invesque has sold $292 million of assets over the last 12 months as part of its portfolio simplification strategy. The Calamar communities were acquired in 2018 as part of the acquisition of Care Investment Trust and were managed by Calamar under a joint-venture structure. “We have been very active over the past year executing on …

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Active AdultFinanceFrom The Magazine

More Empirical Data on Active Adult Sector is Needed to Woo Lenders, Says InterFace Panel

by Jeff Shaw

By Matt Valley The pandemic raised the profile of the active adult sector, which anecdotally experienced healthy rent growth and stable occupancy during the health crisis due to “sticky tenants” who tend to stay anywhere from three to seven years. What’s more, the sector hasn’t had to contend with the workforce challenges facing the more operationally intensive skilled nursing and private-pay seniors housing segments. Despite that positive storyline, arranging financing for active adult properties remains a tall order, said Ari Adlerstein, senior managing director at Meridian Capital Group and head …

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Active AdultDevelopmentNewsVirginia

Bonaventure Starts Construction of 133-Unit Community in Alexandria, Virginia

by Jeff Shaw

ALEXANDRIA, Va. — Bonaventure has started construction of a 133-unit luxury senior living project in the Old Town West neighborhood of Alexandria. The development will feature a six-story building with underground parking, studio, one- and two-bedroom living options. Bonaventure expects to complete construction and begin welcoming renters in late 2023. The community is situated centrally in the Old Town West neighborhood and is transit-oriented. It is less than 0.3 miles from the Braddock Road Metro Station, 1.5 miles to Interstate 495, and less than three miles from Reagan National Airport. …

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Active AdultAffordable HousingDevelopmentMichiganNews

Lockwood Breaks Ground on $45M Community in Ann Arbor, Michigan

by Jeff Shaw

ANN ARBOR, Mich. — Lockwood Cos. has broken ground on Lockwood of Ann Arbor, a 154-unit seniors housing community in Ann Arbor. The three-story, 168,130-square-foot building includes 65 units dedicated as affordable housing. Development costs were estimated at $45 million. Rents will range from $864 for a one-bedroom apartment to $2,750 for a two-bedroom apartment.

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Active AdultFeaturesNews

Active Adult Success Depends on Educating Customers on Lifestyle, Says Ryan Frederick

by Jeff Shaw

DALLAS — Active adult housing, usually reserved for people over either age 55 or 62 and offering amenities but no aging services, targets a quickly growing demographic as 10,000 baby boomers reach retirement age every day. However, the biggest challenge to reaching that demographic might be teaching them what active adult housing is exactly. “A lot of people are challenged by thinking of housing as a binary choice — ‘I’m going to age in place or go to skilled nursing,” said Ryan Frederick, CEO of consulting firm SmartLiving 360. “Many …

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AcquisitionsActive AdultNewsTexas

Lloyd Jones, ST Real Estate Acquire 138-Unit Trinity Courtyard in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — Lloyd Jones, in partnership with with ST Real Estate Holding Inc., has acquired Trinity Courtyard, a 138-unit active adult community in Fort Worth. Trinity Courtyard is located on six acres near downtown Fort Worth, the second fastest- growing large city in the United States, giving residents access to a diverse array of entertainment, retail and outdoor recreation. The property will operate under Lloyd Jones’ proprietary Aviva brand as AVIVA Fort Worth. The seller and price were not disclosed.

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