HAMILTON TOWNSHIP, N.J. — The Kislak Company Inc. has brokered the $16.4 million sale of Twin Ponds, a 75-unit active adult community in Hamilton Township, located outside Trenton. Justin Lupo and Jason Pucci of Kislak represented the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, in the transaction. The buyer, an affiliate of The Kamson Corp., plans to expand the property with a 69-unit third phase. Twin Ponds was fully occupied at the time of sale.
Active Adult
Developer launches a public relations campaign to heal the wounds to the seniors housing industry caused by COVID-19. By Jeff Shaw From the point of view of many inside the seniors housing industry, the sector has taken a beating from the press during the COVID-19 pandemic. Stories of coronavirus outbreaks at skilled nursing facilities dominated the headlines in March and April, and private-pay seniors housing was often conflated with nursing homes. Scott Stewart wanted to fight the negative perception of seniors housing, believing it to be the safest place a …
BOISE — A team of senior living industry veterans have launching Wellness Enhanced Lifestyle Living, a new senior living development company based in Boise. The company’s leadership team includes Dave Mazurek, formerly founder of Sterling Bay’s senior living platform and part of Ventas’ development team; Mandy Serrano, formerly with Holiday Retirement, Avamere and Atlas; and Haller, who most recently served as Avamere’s chief development officer and founder of Ovation and Point Development Co. Collectively, the team has developed in 39 states with a total transaction resume of $6.8 billion in …
While the recession caused by the COVID-19 pandemic has certainly made life tougher for active adult investors, there is still capital available. It has just become harder to get. “The equity is pretty rational right now. It’s the TINA phenomenon — there is no alternative,” said Mark Marasciullo, chief investment officer with The United Group of Companies, which develops active adult properties. “There is, institutionally speaking, more and more equity piling up on the sidelines. The market’s pretty liquid, but that doesn’t mean it’s easy. There’s a lot of capital …
Story Senior, MPH Partners Underway on 140-Unit Luxe at Las Colinas Project in Irving, Texas
by Jeff Shaw
IRVING, Texas — A partnership between Story Senior Ltd. and MPH Partners LLC is underway on construction of The Luxe at Las Colinas, a 140-unit active adult project in Irving. The community will span approximately 149,000 square feet and offer one- and two-bedroom units ranging in size from 644 to 1,112 square feet. Moss Construction is the general contractor for the project, which is scheduled for completion in November 2021.
GEORGETOWN, Texas — MedCore Partners and The National Realty Group (TNRG) have started construction of The Hacienda at Georgetown, a 230-unit senior living community in Georgetown, a suburb of Austin. The community sits on a 13.2-acre tract situated at the south entrance to Sun City Texas, an extensive master-planned active adult community. The resort-style senior living campus will offer 125 independent living residences, 81 assisted living apartments and 24 memory care units. The $85 million project is the first part of a two-phase, $115 million campus. The second phase will …
United Group Receives $32M Construction Loan for Active Adult Community in Stuart, Florida
by Jeff Shaw
STUART, Fla. — The United Group of Companies Inc. has received a $32 million construction loan from Knighthead Funding for The Sovana at Stuart, an active adult development in Stuart. The Class A community will feature one- and two-bedroom floor plans ranging from 710 to 1,410 square feet. The number of units was not disclosed. The Sovana at Stuart will also feature an 8,000-square-foot community clubhouse with a living room, fireplace, pantry kitchen, game room, arts and crafts room, media center, fitness center and private salon. The United Group’s affiliate, …
From processes to spaces, senior living design and construction are in for a change. By Drew Roskos Now in month six of our country’s full-scale reaction to the COVID-19 pandemic, we are all embracing today’s heightened awareness of public health across the board, especially in our field of senior living. As of this writing, roughly one-third of COVID-19 cases reported have been in senior living communities. As research continues to teach us more about the spread of the virus who is at the greatest risk, we are also likely …
NAPERVILLE, Ill. — Avenida Partners has completed construction of Avenida Naperville, an active adult community for residents over age 62 in the Chicago suburb of Naperville. The community totals 146 units. The community postponed its grand opening due to the COVID-19 pandemic. “We opened Avenida Naperville to meet the needs of the many adults that, as they get older, desire a smaller, maintenance-free home without having to sacrifice their independence,” says Michele Clemen, the community’s executive director. “The location offers easy access to the incredible cultural amenities of downtown Naperville …
High Street Residential Completes Avidor Minnetonka Active Adult Community in Minnesota
by Jeff Shaw
MINNETONKA, Minn. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Minnetonka, a 168-unit active adult community in Minnetonka. Allegro Management Co. operates the six-story community, which will welcome its first residents later this month. Units are restricted for those over age 55. “There was a shortage of adequate for-rent 55+ seniors housing options in Minnetonka,” says Mary Boehlmer, a senior associate with High Street Residential. “Avidor Minnetonka serves the baby boomer’s growing desire to live in an urban environment, makes economic sense by offering affordable …