PORT ST. LUCIE, Fla. — BCC Construction, a Prospect Real Estate Development Group company, has been awarded the contract to build AVIVA at Port St. Lucie, a $30 million senior living center in the South Florida city of Port St. Lucie. Miami-based developer Lloyd Jones is leading the project. The age-restricted residential complex will feature 159 units. Construction is expected to begin in early August 2021 and for completion in early 2023.
While the product’s definition and brand identity can be obscure and subjective and the amount of data available on it is limited, the asset class known as active adult is experiencing healthy growth in development and resident demand. In turn, those positive vital signs are making both institutional and private investors increasingly comfortable with the property type. This is particularly the case among investors with significant allocations of capital to the multifamily sector and who are seeking yield within that highly competitive space. While the available data on the asset …
PORT ST. LUCIE, Fla. — CanAm Capital Partners, an affiliate of New York City-based investment bank CanAm Enterprises, has provided a $10 million mezzanine loan for the construction of a 159-unit active adult and independent living community in South Florida. The property will be situated on a 10-acre site in Port St. Lucie, located on the east coast of the Sunshine State. The borrower, Lloyd Jones LLC, will operate the property under its Aviva brand. An expected completion date was not disclosed.
In a July 22 Seniors Housing Business webinar titled “Invigorating the Seniors Housing Workforce: Strategies to Inspire, Engage, and Retain Talent,” panelists discussed challenges in finding and motivating employees in the senior living industry. Seniors housing communities struggled to find staff prior to COVID-19, but a combination of factors is currently exacerbating the difficulties in communities. These components include competing opportunities, government unemployment programs and safety concerns related to the pandemic. Lisa Lacy, Discovery Senior Living, explains “We are competing with organizations that we didn’t typically compete with. It’s not …
For more than a year, seniors housing operators have battled rising vacancy, pressure on net operating income and uncertainty about the future as potential residents steered clear from property tours and lease commitments. Those difficulties have created a tough financing environment for the segment. But a growing number of seniors housing discussions today are centered on how operators and the industry are recovering, according to Christopher Callaghan, head of healthcare banking at M&T Bank. To what degree a recovery is occurring, however, depends on several variables. “There is still a …
SARASOTA, Fla. — The United Group of Companies has received a $48 million construction loan from Trez Capital, with the funds used to build The Alloro at University Groves. Located in the coastal Tampa suburb of Sarasota, the community will feature 183 units of what the developer calls “independent living lite,” a bridge between active adult and independent living. Units are restricted to those age 55 and older. Units will vary in size between 708 and 2,232 square feet. A 15,210-square-foot clubhouse will serve as the center of the community. …
NAPERVILLE, Ill. — TWG has unveiled plans to develop McDowell Point, a $62.4 million active adult community in the Chicago suburb of Naperville. The project is Indianapolis-based TWG’s first development in the greater Chicago area as well as its first active adult community in the state of Illinois. The property will rise five stories and span 347,000 square feet. The 174 units will range in size from one-bedrooms to three-bedrooms. Of the total units, 80 percent will be reserved for residents age 55 and older. More than 6,000 square feet …
BUFORD, Ga. — Capitol Seniors Housing has broken ground on The Outlook at the Exchange, an active adult community for residents ages 55 and older in Buford. The 200,000-square-foot, four-story community will offer 180 residential units. The Outlook at the Exchange will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. The 106-acre development will include 460,000 square feet of retail, restaurants, entertainment and about 1,000 units of apartments, townhomes and senior housing for about 3,000 residents. Situated close to …
BUFORD, Ga. — Capitol Seniors Housing has broken ground on The Outlook at the Exchange, an active adult community for residents ages 55 and older in Buford. The 200,000-square-foot, four-story community will offer 180 residential units. The Outlook at the Exchange seniors housing community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. The 106-acre development will include 460,000 square feet of retail, restaurants, entertainment and about 1,000 units of apartments, townhomes and seniors housing for about 3,000 residents. …
LEWISVILLE, Texas — An affiliate of Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments throughout the U.S., has acquired a 180-unit active adult apartment community in the Dallas-Fort Worth submarket of Lewisville. The seller was not disclosed. The property, which the firm has rebranded as Haven at Lewisville Lake, is the first Texas addition to Livingston’s geographically diverse active adult and independent living portfolio. The acquisition brings the firm’s total unit count in the sector to nearly 1,000 units. “The acquisition of Haven at Lewisville …
