MEMPHIS, Tenn. — Elevation Financial Group, through its Elevation Real Property Fund VII, has acquired Kennington Pointe, a 155-unit seniors housing property in Memphis. Built in 1989, the property was previously an independent living and assisted living facility. As part of a renovation plan, Elevation will add kitchens to the assisted living units and convert the entire property to an affordable community for those over age 55. The property will also be rebranded as The Elevation at Autumn Ridge. The $2.2 million purchase represents the seventh acquisition by the fund …
Development
NAPERVILLE, Ill. — McShane Construction Co. has completed construction of Avenida Naperville, an active adult community in Naperville, a western suburb of Chicago. The apartments are reserved for those age 62 and older. The community features 13,000 square feet of amenity space. Designed by Meeks + Partners, the property incorporates a total of 146 apartments across six two- and three-story buildings.
FAIRMONT, Minn. — Lakeview Methodist Health Care Services has started construction of a 72-bed skilled nursing facility in Fairmont, located in the southern part of Minnesota near the Iowa border. Wold Architects designed the two-story, 86,000-square-foot property, which Kraus-Anderson Construction will build. Development costs were estimated at $24 million. Construction is slated for completion by fall 2021.
NORMAN, Okla. — MedCore Partners and The National Realty Group (TNRG) have started construction of Sooner Station at University North Park, a 188-unit senior living community. The construction site is situated less than five miles from The University of Oklahoma, on the north side of University North Park, a large, mixed-use project currently under development. Sooner Station will offer 100 independent living, 64 assisted living and 24 memory care units. The OU Foundation sold the eight-acre plot to the development team. Integral Senior Living (ISL) will manage Sooner Station, which …
LINDEN, Mich. — Charter Senior Living and DMK Development Group have announced plans to partner for the development of an 81-unit seniors housing community in Linden, approximately 15 miles south of Flint. DMK Development Group secured approximately 8.3 acres of land near Linden Price Airport. Pending governmental approvals, construction could start as soon as this fall with completion scheduled for fall 2021. The new community will feature 56 assisted living and 25 memory care apartments in a mixture of studio, one- and two-bedroom suites. The project will represent a total …
CORAL GABLES, Fla. — Belmont Village Senior Living and Baptist Health South Florida have unveiled plans for Belmont Village Coral Gables, a mixed-use seniors housing community in Coral Gables, just southwest of downtown Miami. The Coral Gables City Commission approved the project unanimously, and groundbreaking is scheduled for this fall. The 10-story community will offer 232 units of independent living, assisted living and memory care, along with 18,388 square feet of ground-floor retail and commercial space. “As strategic and capital partners with Baptist Health South Florida, our joint venture was …
FORT WORTH, Texas — Hunt Capital Partners, in collaboration with Saigebrook Development, has provided $12.9 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of Everly Plaza. Located in Fort Worth, the mixed-use development will provide 88 units comprised of nine market rate units and 79 affordable housing units. All units will be restricted to seniors who are 62 years and older, and the affordable units will be income restricted to households who earn up to 30, 50, and 60 percent of the area median …
LA JOLLA, Calif. — Belmont Village Senior Living and Greystar have broken ground on Belmont Village Senior Living of La Jolla. The development is Belmont Village’s 32nd community and its third in San Diego County. The project is Belmont’s first in partnership with another developer. “A mutual colleague brought us together — Greystar had sourced a terrific location with an entitlement history that made it a perfect opportunity for licensed seniors housing,” says Patricia Will, Belmont Village founder and CEO. “We saw the potential of the site, and of bringing …
Joseph J. Duffy Co. to Begin Conversion of Former School into Affordable Seniors Housing in Northern Illinois
by Jeff Shaw
JOHNSBURG, Ill. — Joseph J. Duffy Co. is set to begin the conversion of the former James C. Bush Elementary School into a 68-unit affordable seniors housing project in Johnsburg, about 60 miles northwest of Chicago. General Capital Group is the developer and Hooker DeJong Architects Inc. is the project architect. Oakbrook Corp. will manage the property, which is reserved for residents age 55 and older. Duffy will convert the administration and gym areas of the existing, one-story school into 14 apartment units, resident support facilities and office space. The …
WINTER PARK, Fla. — Watercrest Senior Living Group and Titan Development Real Estate Fund I have opened the doors on Watercrest Winter Park Assisted Living and Memory Care. The 107-unit, resort-style senior living community is located in Winter Park, a northern suburb of Orlando. Watercrest Winter Park features 75 assisted living and 32 memory care apartments. This is the second senior living development partnership between Watercrest and Titan Development. Their first project, Watercrest Columbia Assisted Living and Memory Care, opened last fall in Columbia, South Carolina. Titan Development Real Estate …