STILLWATER, Minn. — The Goodman Group has broken ground on Sandhill Shores, the third phase of construction at The Lakes at Stillwater in Stillwater, located along the Wisconsin border east of Minneapolis-St. Paul. Sandhill Shores offers 70 one- and two-bedroom luxury apartments for residents over age 62. The project is scheduled for completion in summer 2024.
NORTH BRUNSWICK, N.J. — JLL Capital Markets has arranged $47 million in financing for the recently constructed Amaranth at North Brunswick, a 222-unit active adult community in North Brunswick, approximately midway between Newark and Trenton. JLL represented the borrower, The Kaplan Companies, in securing the seven-year, fixed-rate loan from Nuveen Real Estate. Proceeds were utilized to retire its existing construction loan. Amaranth at North Brunswick features one- and two-bedroom floorplans with up to 1,397 square feet of living space. Michael Klein, Matthew Pizzolato and Michael Meisner led the JLL Capital …
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Webinar: Seniors Housing Success Stories — Companies that are Rising Above the Headwinds
The June 29 webinar “Seniors Housing Success Stories — Companies that are Rising Above the Headwinds“ focused on what leading seniors housing firms are doing to alter their businesses, streamline operations, increase occupancy and strategize in terms of deal volume and investment. Industry difficulties, including labor shortages, inflation and interest rates, have highlighted the need for expertise and well-informed approaches to the seniors housing sector recovery. Click to watch this hour-long discussion that considers both operations and trends in transaction activity. See how strategies and outlooks have shifted since last …
DALLAS — Developers in the active adult sector are subject to the same struggles as any other sector. Interest rates are as high as they’ve been since before the Global Financial Crisis of 2008, making construction financing difficult to attain. Construction costs, both for labor and materials, have skyrocketed since the COVID-19 pandemic began. Quality sites are few and far between. But for developers that can overcome those challenges, there has rarely been a market as ripe for new construction as active adult, according to Michael Hartman, principal of active …
LAWRENCEVILLE, Ga. — Highlands Residential and Perennial Properties have formed a joint venture to build Park Place Apartments, a 148-unit active adult community in Lawrenceville, approximately 30 miles northeast of Atlanta. Construction of the project is already underway, and first move-ins are scheduled for 2024. The senior population of Gwinnett County is expected to grow by 33.6 percent over the next 10 years and Atlanta metro wide by 47 percent, according to the developers. Atlanta-based Highlands Residential is the developer and at completion Perennial Properties will be the property manager. …
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Your Caregiver Team Includes the Building Itself
While seniors housing operators grapple with occupancy issues, labor challenges and margin squeeze, the building’s role within the industry is sometimes overlooked. But innovative building design and new technologies can help improve staff efficiency, optimize resident care and increase revenue. “The senior living industry is evolving,” says Gaurie Rodman, vice president of real estate strategy and development at Direct Supply, a provider of equipment and services to the senior living and healthcare industries. “Buildings are taking on a role beyond shelter.” New building designs are being created through an efficiency …
HOWELL, N.J. — A partnership between New Jersey-based investment firm AMS Acquisitions and Miami-based holding company Vector Group has broken ground on a 100-unit seniors housing project in Howell, located east of Trenton near the Jersey Shore. The site spans 14 acres, and the four-building project will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, great room with a communal kitchen, fitness center, outdoor grilling areas and a tenant lounge. Construction is expected to last about 18 months.
HICKORY, N.C. — Ziegler has arranged $32 million in direct bank revenue bonds through the North Carolina Medical Care Commission for EveryAge, formerly United Church Homes and Services. The borrower is developing a 95-unit independent living rental community that will be known as BellaAge Hickory. Located in downtown Hickory, approximately 15 miles from EveryAge’s Abernethy Laurels community, BellaAge will comprise one- and two-bedroom apartments ranging from 817 to 1,397 square feet with monthly rents ranging from $2,043 to $3,632. The tax-exempt, draw-down, bank-held bonds feature a seven-year commitment that automatically …
DALLAS — Aging is something that happens to all of us physically, but according to some residents at active adult communities in the Dallas-Fort Worth (DFW) area, the psychological and emotional difficulties of growing older are easier to bear in the company of others. Operators of this asset class are making this possible by delivering products and services that reflect the name “active adult.” Shared fitness classes, walking groups, book clubs, card games, communal gardening and organized shopping trips are but a few of the ways in which active adult …
VERNON HILLS, Ill. — Acting as general contractor, Focus has completed construction of Everleigh, an active adult community in Vernon Hills, a northern suburb of Chicago. Greystar is the property’s developer. Everleigh Vernon Hills features 173 apartments ranging in size from 567 to 1,373 square feet, as well as seven duplex cottages. Monthly rents start at $1,800. Meeks + Partners designed the four-story building. Greystar launched the Everleigh by Greystar active adult brand in 2017 and now has locations in eight states.