GRANBURY, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Residence at Legacy Park, an active adult community in Granbury, approximately 35 miles southwest of Fort Worth. Built in 2018, the community features 81 units and is restricted to residents age 55 or older. A local owner-operator looking to exit the industry sold the asset to a national group headquartered in Utah for $18 million. Matthew Alley and Bradley Clousing of SLIB handled the transaction.
OMAHA, Neb. — Essex Communities, an Omaha-based active adult operator, has added Camille Burke to its leadership team as vice president and chief development officer. Burke has more than 20 years of experience in the seniors housing industry, including almost 17 years at Christian Living Communities, where she recently ended her tenure as interim chief executive officer. At Christian Living Communities, Burke helped lead design, development, pre-sales, opening of new communities and community operations, growing the portfolio from three continuing care retirement communities to 26 communities across seven states In …
MYRTLE BEACH, S.C. — Hudson Capital Properties has completed Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. The first phase of leasing is currently underway, with the first residents expected to move in mid-April. Hudson partnered with GHK Cape Fear Development and the property management company is Liberty Senior Living. “The combination of low taxes, lower cost of living and warm weather has made Myrtle Beach an increasingly sought-after retirement destination,” says Bill Schoettelkotte, director of development services at GHK Cape Fear. “The active adult housing market …
MATTHEWS, N.C. — Capstone Communities and Liberty Senior Living have started construction of Inspire Royal Park, an active adult community for persons age 55 or older in the Charlotte suburb of Matthews. Approximately 30 percent of Matthews residents are over age 55, according to the developers. Construction costs were estimated at $36 million. Inspire Royal Park will feature 204 residences comprised of 20 free-standing cottages with private attached garages and 184 loft apartments offering one, two or three bedrooms. Harrison Street Real Estate Capital, a Chicago-based private equity real estate …
ST. CHARLES, Ill. — M&T Realty Capital Corp. has provided a $15.1 million Fannie Mae loan for the refinance of an 80-unit active adult community in St. Charles. The transaction was worked in conjunction with Ziegler, a specialty investment bank headquartered in Chicago. The 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule, which will provide the undisclosed borrower with additional flexibility in future years. The community was 98.8 percent occupied at the time …
SAN ANTONIO — Cadence McShane Construction Co. has completed Brookwood Senior Apartments in San Antonio. Mission DG is the developer of the property, which features 197 units on a six-acre site. “This project is a great addition to San Antonio in terms of active adult living communities,” says Srinath Pai Kasturi, executive vice president at Cadence McShane. “Through HUD 221(d)(4) financing, Brookwood Senior Apartments will provide moderate-income seniors with a great, amenity-rich residence at a price they can afford.” B&A Architects designed the property. Units are offered in one- and …
GEORGETOWN, Texas — Walker Real Estate and Chalk Hill Ventures, in collaboration with Pi Architects, Square One Consultants, Pat Berry Design and Skybeck Construction, have completed construction of an active adult community in Georgetown. Located on a 12-acre site near Rabbit Hill, NorthStar Georgetown includes 298,800 square feet of active adult living with 210 resident apartments. Roscoe Property Management is the operator.
MYRTLE BEACH, S.C. — Liberty Senior Living has announced a grand opening celebration on April 29 for Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. The complex features more than 600,000 square feet of residential and commercial space. Apartments range from 766 square feet to 1,400 square feet. It is located less than two miles from the Atlantic Ocean. “Properties that focus on fostering a sense of community within their neighborhood are the most successful and valued because they provide residents with wellness, vitality and happiness,” says …
CUMBERLAND, Ga. — Overture Powers Ferry, Greystar’s newest 55+ active adult community, is now leasing with first move-ins planned for this fall. The community features 171 one- and two-bedroom apartment homes, available to individuals over the age of 55, and is located in the first-ring Atlanta suburb of Cumberland. The community is situated just north of Atlanta’s upscale Buckhead neighborhood. The property features 12,000 square feet of community space for gatherings. Apartments range from 555 to 1,405 square feet, with rents starting at $1,543 per month.
PLAINVIEW, N.Y. — Chelsea Living has opened The Residences at Plainview, an active adult community in the Long Island hamlet of Plainview. The community features newly renovated studio, one-bedroom and two-bedroom apartments with full kitchens, a custom wellness program and a host of amenities reminiscent of a luxury hotel. Chelsea operates a full-service assisted living and memory care community, Somerset Gardens, in Plainview less than a mile from the new property. The number of units at the property was not disclosed.
