SILVER SPRING, Md. — Pennrose has opened the doors on Pointe View at Aspen Hill in Silver Spring, located just north of Washington, D.C. The mixed-use property features 120 units, of which 108 are reserved for those age 62 and older making between 30 and 60 percent of the area median income. The remaining 62 units are for “very low income” residents, though the developer did not specify the requirements associated with that designation. Pennrose has partnered with The Senior Connection to provide on-site supportive services. Pointe View at Aspen …
Development
EXTON, Pa. — Capitol Seniors Housing has started construction of Arbor Terrace Exton, an assisted living and memory care community in Exton, a suburb of Philadelphia. The 78,000 square-foot community will feature 86 apartments located near major medical facilities, restaurants and shopping. Capitol expects to complete construction in winter 2020. The Arbor Company will operate the community upon completion. The designer on the project is Meyer Senior Living Studio.
ROCK HILL, S.C. — Harbor Retirement Associates has opened HarborChase of Riverwalk, a seniors housing community in Rock Hill, just across the state border from Charlotte. The property features 63 assisted living units and 25 memory care units. Harbor has another community in the Rock Hill area, and the two will act as sister communities.
GREELEY, Colo. — OZ Architecture has completed design work on WellAge Greeley, a 71,000-square-foot senior living community in Greeley, approximately 55 miles north of Denver. Rocky Mountain Senior Housing is developing the 92-unit community, which WellAge will operate. The property sits on 3.5 acres and will offer independent living, assisted living and memory care. The community is scheduled to open in second-quarter 2020.
COBB COUNTY, Ga. — Lancaster Pollard’s investment banking affiliate, OREC Securities LLC, has arranged $24.5 million in financing for the construction of a seniors housing community in the Atlanta suburbs of Cobb County. Brickmont Assisted Living is developing the 131-unit project, which will offer both assisted living and memory care. The financing is structured as a bond issuance. Conner Girdley led the transaction for Lancaster Pollard.
RICHMOND, Va. — Erickson Living has started construction of Avery Point, a massive continuing care retirement community (CCRC) in the Short Pump area of Richmond. Upon full build-out, the community will feature 1,160 independent living units, 120 assisted living units, 60 memory care units and 60 skilled nursing beds. The property will comprise 14 individual buildings totaling 2 million square feet of space. Total development costs are estimated at $300 million. Phase I is currently under way, which is scheduled to deliver 200 independent living apartments and a 43,000-square-foot amenity …
Hudson Capital Properties Plans 194-Unit Active Adult Community in Myrtle Beach, South Carolina
by Jeff Shaw
MYRTLE BEACH, S.C. — Hudson Capital Properties, a multifamily real estate investment and development firm focused on value-added acquisitions in the Southeast, has unveiled plans for The Retreat at Coastal Grand in Myrtle Beach. The high-end community, designed for 55-and-older residents, will feature 194 one-and two-bedroom residences. Construction is currently underway, but a timeline for completion was not released. Hudson is partnering with GHK Cape Fear Development and C&S Commercial Properties on the project. “With the combination of low taxes, reduced cost of living and warm weather, Myrtle Beach is …
BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has welcomed its first residents at The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, a village along the Hudson River approximately 30 miles north of New York City. The property offers 167 independent living units, 87 assisted living units and 33 memory care units in two interconnected buildings. The site was formerly home to Briarcliff Lodge, a grand resort hotel built in the early 1900s. The 59-acre property features views of the Hudson River and Manhattan skyline, numerous walking …
CARTERSVILLE, Ga. — American Lending Center (ALC), an EB-5 regional center, has opened The Fountains in Cartersville, an assisted living and memory care community in Cartersville. Located approximately 45 miles northwest of Atlanta, this project marks ALC’s first investment in the state of Georgia. Further details on the size of the project were not released.
Desert Land, Civitas Senior Living Break Ground on Luxury Community in Flagstaff, Arizona
by Jeff Shaw
FLAGSTAFF, Ariz. — Arizona real estate developer Desert Land Group and Texas-based senior living management company Civitas Senior Living have started construction on their newest senior living boutique project, The Bluffs of Flagstaff. Totaling approximately 210,572 square feet, the community will feature 120 independent living, 66 assisted living and 18 memory care apartments. The Bluffs of Flagstaff is scheduled for completion in fall 2021. The architect for the project is Kaas Wilson, with Greenberg Construction as general contractor. Senior By Design is providing additional design services.