SOUTH JORDAN, Utah — Resort Lifestyle Communities (RLC) plans to break ground Wednesday, Feb. 19, on South Jordan View, an independent living community in South Jordan, a suburb of Salt Lake City. Units will be available in studio, one-, two- and three-bedroom options. The community will total 180,000 square feet and development costs are estimated at $30 million. The total number of units and timeline for completion were not released.
Independent Living
Resort Lifestyle Communities Opens Deerfield Springs Independent Living Near Cincinnati
by Jeff Shaw
LOVELAND, Ohio. — Resort Lifestyle Communities has opened Deerfield Springs, an independent living community in the Cincinnati suburb of Loveland. The property features 128 apartments in studio, one-, two- and three-bedroom layouts. “From our research, we found that Cincinnati’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities.
KNOXVILLE, Tenn. — Shannondale has unveiled plans for The Lodge at Shannondale, a 96-unit independent living expansion at the company’s seniors housing campus in West Knoxville. The Lodge is scheduled to open later this year, with pre-sales currently open to the public. Floor plans include one- and two-bedroom options ranging from 771 to 1,550 square feet. Cooper Architecture designed the project. The Christman Company is already underway on construction. Home Federal Bank provided financing. Shannondale opened in 1967 and has locations in Knoxville and Maryville.
NATIONAL CITY, Calif. — NorthMarq has arranged the sale of Southern Highlands Independent Senior Living, a 151-unit independent living property in National City, just south of San Diego. Lincoln Avenue Capital acquired the community from Shefflin Investments for $22.1 million. The three-story building was constructed in 1999 on 1.03 acres. The units are a mix of studios and one-bedroom apartments. NorthMarq’s Southern California investment sales team of Kyle Pinkalla and Shane Shafer arranged the sale.
INDIANAPOLIS — Elevation Financial Group, through its Elevation Real Property Fund VII, has Crestwood Village East in Indianapolis for $20 million, or $40,300 per unit. The property sits on 20 acres and features 496 units ranging from 430 to 1,130 square feet. It is Elevation’s largest acquisition to date, in both unit count and price, and its first property in Indiana. The Justus Co. built the community in 1966 as part of a larger development, with the intent of offering an affordable lifestyle for seniors. A single family has owned …
RALEIGH, N.C. — Green Courte Partners (GCP), through one of its investment funds, has acquired The Aspens at Bedford Falls, a 182-unit seniors housing community in Raleigh. Construction of the community was completed in August 2019. GCP acquired the property along with its wholly owned subsidiary True Connection Communities, which will take over operations. The price and seller were not disclosed. GCP plans to convert the community from an active adult focus to a full-service independent living community. Post-conversion, the community will total 181 units, increasing buyer’s total portfolio to …
LITTLETON, Colo. — Resort Lifestyle Communities has opened Sky Pointe, an independent living community in the Denver suburb of Littleton. Sky Pointe offers 128 apartments for rent in studio, one-, two- and three-bedroom options. “From our research, we found that Denver’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities. Based in Lincoln, Neb., Resort Lifestyle Communities has 45 independent living communities either open or under construction throughout the country.
DURHAM, N.C. — CBRE has arranged an $18 million loan to refinance debt on Bartlett Reserve, a 100-unit independent living community in Durham. The borrower is Focus Healthcare Partners. CBRE also arranged the acquisition financing for Focus in 2017. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing originated the floating-rate loan through Fannie Mae.
Cushman & Wakefield Brokers $8.3M Sale of Independent Living Development Site in Florida
by Jeff Shaw
PALM BEACH GARDENS, Fla. — Cushman & Wakefield has negotiated the sale of a 10.4-acre commercial site in Palm Beach Gardens. An affiliate of United Group of Companies acquired the property for $8.3 million with plans to develop an independent living community.