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 …
Development
SANTA ROSA BEACH, Fla. — Watercrest Senior Living Group and The St. Joe Company have received a certificate of occupancy for Watercrest Santa Rosa Beach Assisted Living and Memory Care, with plans to open the community this month. The 92,000-square-foot property features 75 assisted living and 32 memory care apartments in the Florida Panhandle community of Santa Rosa Beach.
GREENBURGH, N.Y. — Chelsea Senior Living has completed construction of Chelsea at Greenburgh, a luxury senior living residence in Greenburgh, approximately 20 miles north of Midtown Manhattan. The three-story community will offer assisted living and memory care on the former site of Frank’s Nursery. Chelsea is still awaiting final licensing from the New York Department of Health before accepting new residents. The Chelsea at Greenburgh will offer specialized services for residents with high care needs. These services include assistance with injectable medications, complex diabetes management, assistance with walking and stairs, …
MIAMI — Integra Investments, through its affordable housing development affiliate Interurban, has broken ground on Mosaico, a 271-unit affordable seniors housing project in Miami’s Allapattah neighborhood. Interurban is developing Mosaico in partnership with Elderly Housing Development & Operations Corp. (EHDOC), an affordable seniors housing nonprofit. Slated for delivery in 18 months, Mosaico is situated on a 1.2-acre site. The 13-story project will include 179 one-bedroom units and 92 oversized studio units, with four townhome units lining the southern perimeter. CC Hodgson Architectural Group designed the project. The development was financed …
CHARLOTTE, N.C. — Bridgewood Property Co. has acquired 727 E. Morehead St. in Charlotte with plans to construct a luxury senior living community, The Village on Morehead, on the site. Bridgewood received rezoning approval for the site in July 2020 and plans to break ground in the spring of 2021. Bridgewood has selected Charlotte-based BB+M as the architects, LandDesign as the civil engineers and Choate Construction as the general contractor. Bridgewood’s long-standing operating partner, Retirement Center Management, will handle operations of the community upon completion.
Woda Cooper Starts Construction of 50-Unit Center Crossing Affordable Community in Hickory, North Carolina
by Jeff Shaw
HICKORY, N.C. — Woda Cooper Cos. has started construction of Center Crossing, a 50-unit affordable housing community for seniors in Hickory, 50 miles northwest of Charlotte. The property will be near the city’s downtown Union Square and close to many shopping, dining and cultural opportunities, plus various medical facilities and public offices. Center Crossing will serve seniors age 55 and older who earn up to 80 percent of area median income (AMI) with some units reserved for those at 40 percent, 50 percent and 60 percent AMI. The four-story, elevator-serviced …
SAN DIEGO — HJ Sims has arranged $77 million in financing for Casa de las Campanas, a continuing care retirement community (CCRC) in San Diego. Life Care Services operates the community, which LCS Development built. The community is in the middle of a multi-phase master plan that includes renovation and expansion of its facilities, including new skilled nursing, independent living and memory care areas. In 2014, Sims secured bank financing through City National Bank (CNB) for Phase I of the plan. Sims negotiated the Phase II financing terms with CNB …
Ryan Cos., Cadence, Starwood Complete Construction of Acoya Scottsdale at Troon in Arizona
by Jeff Shaw
SCOTTSDALE, Ariz. — The joint venture team of Ryan Cos. US, Cadence Living and a controlled affiliate of Starwood Capital Group has completed construction of Acoya Scottsdale at Troon in Scottsdale. The community features 135 independent living and assisted living units in 22 floor plans ranging from 585 square feet to 2,385 square feet. The new community is situated on six acres of land between Pinnacle Peak and Troon Mountain. Thoma-Holec Design handled the interior design. This is the second Acoya-branded community in Arizona, and several more are planned according …
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.
Seasons Living Starts Construction of 130-Unit Broadwell Senior Living in Plymouth, Minnesota
by Jeff Shaw
PLYMOUTH, Minn. — Seasons Living has started construction of Broadwell Senior Living in Plymouth, a suburb of Minneapolis. The community will feature 34 independent living units, 72 assisted living units and 24 memory care units in a 160,000-square-foot building. Set to open in summer 2021, Seasons Living will oversee management. The development is a partnership with Goldenrod Cos.