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 …
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In the Seniors Housing Sector, a Sense of Recovery is Growing
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 …
SUN PRAIRIE, Wis. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Olympic Village, a 69-unit active adult community in the Madison suburb of Sun Prairie. SLIB represented the court-appointed receiver in the transaction. The residents of the community formed a new nonprofit organization to acquire the asset for $10.6 million. The campus sits on approximately 12.4 acres with units randing in size from 1,300 to 1,900 square feet. Occupancy was 99 percent at the time of sale. In addition to negotiating the transaction, SLIB also helped source …
ENID, Okla. — Gardner Capital has completed construction on Tennyson Manor in Enid, approximately 80 miles north of Oklahoma City. The development offers one- and two-bedroom apartment homes specifically built for seniors and will offer modern conveniences such as electric vehicle charging stations. The development was made possible through multiple financial and other partners, including Red Stone Equity Partners and Legacy Bank & Trust Co. Seldin Companies is the on-site property manager at Tennyson Manor and is current accepting applications.
GEORGETOWN, Texas — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) have broken ground on Amberlin Georgetown, a 188-unit active adult community in Georgetown, a northern suburb of Austin. The property will feature one- and two-bedroom units ranging in size from 615 to 1,285 square feet and equipped with private terraces or fenced-in backyards. Amenities will include bocce and pickleball courts, a resort-style pool and sundeck, a fenced-in dog park, fitness center, game lounge, media lounge, community garden, library and a coffee bar. Each unit will rent for …