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Independent Living

FinanceIndependent LivingNewsOregon

CBRE Arranges $33.1M Refinancing for MorningStar of Hillsboro in Oregon

by Jeff Shaw

HILLSBORO, Ore. — CBRE National Senior Housing has arranged $33.1 million in financing for MorningStar of Hillsboro. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. ​Situated on a 1.35-acre parcel, the community comprises 142 independent living units. The property recently opened its doors. The operator is MorningStar. The property is less than a mile north of Kaiser Permanente Westside Medical Center, a 126-bed hospital that serves the greater Hillsboro and Beaverton suburbs. Additionally, half a mile north of the community …

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DevelopmentIndependent LivingLouisianaNews

Phoenix Senior Living Completes Independent Living Expansion in Hammond, Louisiana

by Jeff Shaw

HAMMOND, La. — Phoenix Senior Living (PSL) has completed an independent living at The Phoenix at Hammond in the New Orleans suburb of Hammond. PSL opened the community in 2021 with assisted living and memory care services available. PSL realized the town is underserved in the independent senior living space, so added 24 independent living apartments, which are now open. First Guaranty Bank is the lending partner for this project.

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AcquisitionsIndependent LivingNewsTexas

SLIB Brokers Sale of 300-Unit Independent Living Community in Houston

by Jeff Shaw

HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 300-unit independent living community in Houston. The community is approximately 206,000 square feet in total and is situated on approximately 7.6 acres of land. The seller is an owner-operator that wanted to sell a non-core asset to focus on its senior living and skilled nursing assets. The buyer is a California-based real estate owner. The price was not disclosed. The buyer hired a third-party manager that operates several independent living communities in Texas. The property shares services …

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DevelopmentIndependent LivingNewsOhio

True Connection Opens Verena at Hilliard Independent Living Community in Ohio

by Jeff Shaw

HILLIARD, Ohio — True Connection Communities has opened Verena at Hilliard, an independent living community in Hilliard, a first-ring suburb of Columbus. Verena at Hilliard features luxury one- and two-bedroom residences. In addition to offering direct interior access to the Hilliard branch of the Columbus Metropolitan Library, the community’s amenities include a fitness and wellness center with yoga studio, pickleball and bocce ball courts, putting green, fishing pond, walking paths and an outdoor heated patio. True Connection Communities serves as the community’s operator. The number of units was not disclosed.

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DevelopmentIndependent LivingNewsTexas

JPI Partners Breaks Ground on 185-Unit Independent Living Community in Anna, Texas

by Jeff Shaw

ANNA, Texas — JPI has partnered with the City of Anna to break ground on Parmore Anna Senior Living, a luxury independent living community in Anna, approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. The project is scheduled for completion in 2023.

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FinanceIndependent LivingNewsWashington

CBRE Arranges $40M in Financing for MorningStar of Kirkland in Washington

by Jeff Shaw

KIRKLAND, Wash. — CBRE has arranged $40 million in financing for MorningStar of Kirkland, a 152-unit independent living community in Kirkland, a suburb of Seattle. The community, located on 3.6 acres, opened in February half a mile from the Evergreen Health Medical Center Kirkland, a 318-bed general hospital that provides residents with convenient access to healthcare. Also nearby is Totem Lake East, a regional shopping center that includes a Whole Foods, Trader Joe’s, movie theater and a variety of restaurants and retail outlets. The community is the first new, high-quality …

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AcquisitionsActive AdultAffordable HousingAssisted LivingCCRCDevelopmentIndependent LivingIndustry ContentInvestmentMemory CareOperationsVideosWebinars

Webinar: Inflation and Rising Interest Rates – Doom or Boom for the Seniors Housing Industry?

by Sarah Daniels

  Seniors housing valuations — what can the industry expect in terms of future occupancy, inflation and interest rates? These were the most pressing topics of the “Inflation and Rising Interest Rates — Doom or Boom for the Seniors Housing Industry?” webinar, hosted by Seniors Housing Business and sponsored by V&IG. Hear how expert panelists are accounting for some of the most challenging questions in today’s market: What is driving investment in this space? How have return expectations changed since the beginning of the pandemic? How are increasing interest rates and/or inflation impacting …

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AcquisitionsIndependent LivingNewsUtah

SLIB Brokers Sale of 82-Unit Williamsburg Community in Logan, Utah

by Jeff Shaw

LOGAN, Utah — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Williamsburg, an 82-unit independent living and assisted living community in Logan. Located in the northern portion of Utah near the Idaho border, the facility was built in 1981 and renovated in 2015. It totals approximately 62,953 square feet and is situated on approximately 1.8 acres of land. The seller was a regional owner-operator based in Utah. The buyer is a California-based private owner looking to expand its portfolio of independent living communities. As such, the new owner …

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CCRCDevelopmentIllinoisIndependent LivingNews

Lifespace Breaks Ground on Independent Living Expansion at Oak Trace CCRC in Downers Grove, Illinois

by Jeff Shaw

DOWNERS GROVE, Ill. — Lifespace Communities has broken ground on an expansion project at Oak Trace, a nonprofit continuing care retirement community in the Chicago suburb of Downers Grove. The expansion is Phase II of a $112 million reinvestment project at the community. The first phase, which converted some units to assisted living to complete the continuum of care, was completed in 2019. Phase II will add 145 independent living apartments, bringing the total from 232 to 377. It is scheduled for completion in 2023. In addition to increasing the …

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AcquisitionsColoradoIndependent LivingNews

ESI Arranges Sale of 120-Unit Kipling Meadows in Arvada, Colorado

by Jeff Shaw

ARVADA, Colo. — Evans Senior Investments (ESI) has arranged the sale of The Kipling Meadows, a 120-unit independent living community in the first-ring Denver suburb of Arvada. Built in 2008 with a renovation in 2018, Kipling Meadows averaged 86 percent occupancy in the three months prior to sale. “With the community recently recovering occupancy back to 90 percent in just the latest month, the Evans Senior Investments team was able to showcase the potential upside for a new ownership group by forecasting a 6 percent rental rate increase,” says Hank …

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