FORT MYERS, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Summit of Fort Myers, a 136-unit independent living community in Fort Myers. The property was previously known as Grand Villa of Fort Myers. The name change reflects the change in ownership, as well as the new operator, Grace Management. CPF also plans to implement improvements at the property. The Summit of Fort Myers is located in the Cypress Lake community, close to shopping areas, restaurants, medical facilities, and indoor …
Florida
Capital Square 1031 Acquires Whispering Pines Manufactured Housing Community in Kissimmee, Florida
by Jeff Shaw
KISSIMMEE, Fla. — Capital Square 1031 has acquired Whispering Pines, a 301-site manufactured housing community for seniors in the Orlando suburb of Kissimmee. “This is Capital Square’s fourth acquisition this year of age-restricted manufactured housing communities in coastal Florida markets,” says Louis Rogers, founder and chief executive officer. “Capital Square is bullish on manufactured housing in Florida due to exceptionally strong demand from retirees and very limited supply for affordable senior housing.” The community is situated on approximately 61 acres of land, is 99 percent occupied and has additional land …
PENSACOLA, FLA. — The Paces Foundation has opened Brownsville Manor, an affordable housing community for seniors in Pensacola. The property offers 88 one- and two-bedroom units and is over 80 percent leased. Brownsville Manor is the second affordable housing community that The Paces Foundation has built for seniors in Pensacola. The first, Fairfield Manor, was awarded a LEED Platinum certification and opened five years ago.
Ziegler Arranges $107.7M Financing for Cypress Cove at HealthPark Florida in Fort Myers
by Jeff Shaw
FORT MYERS, Fla. — Ziegler has arranged $107.7 million in bond financing for Cypress Cove at HealthPark Florida Inc. The proceeds of the bonds will be used to refinance outstanding debt, reimburse and fund certain capital expenditures, fund a debt service reserve fund and pay costs of issuance. Cypress Cove is a nonprofit continuing care retirement community (CCRC) in Fort Myers. The property features 333 independent living apartments, 44 independent living free-standing villas and common areas, 44 assisted living units, 44 memory care units and a skilled nursing facility containing …
TITUSVILLE, Fla. — Housing Trust Group (HTG) has completed construction of Luna Trails, a $19.6 million, 86-unit affordable housing development for seniors in Titusville, along Florida’s Space Coast region. Apartments are reserved for seniors ages 55 and older earning at or below 60 percent of area median income (AMI). Rents range from $346 per month for a one-bedroom apartment to $791 per month for a three-bedroom apartment. The property is currently 100 percent leased. “This is HTG’s first development in Brevard County and therefore marks an important milestone for our …
The Paces Foundation Opens Brownsville Manor Affordable Community in Pensacola, Florida
by Jeff Shaw
PENSACOLA, Fla. — The Paces Foundation has opened Brownsville Manor, an affordable housing community for seniors in Pensacola. The property features 88 one- and two-bedroom units and is over 80 percent leased. The units will benefit from state-of-the-art heating and cooling units, high-efficiency water heaters, as well as water-saving showers and plumbing fixtures. Brownsville Manor is the second affordable housing community that The Paces Foundation has built for seniors in Pensacola. The first, Fairfield Manor, was awarded a LEED Platinum certification and opened five years ago.
TAMPA, Fla. — Validus Senior Living Communities will be the new operator of five H-Bay Ministries-owned communities in Florida. The communities will operate under Tampa-based Validus’ Inspired Living brand, but will carry their existing banner of Superior Residence. The new communities are located in the Brandon, Clermont, Ocala, Lecanto and Niceville markets totaling 340 units, and focus on middle-market seniors.
Moss Construction to Build $120M Expansion at John Knox Village in Pompano Beach, Florida
by Jeff Shaw
POMPANO BEACH, Fla. — Moss Construction has been awarded a $120 million contract for an expansion at John Knox Village in Pompano Beach. The project will be divided into two phases and the first phase has started. The 37,117-square-foot project will consist of a first-level pavilion featuring a performing arts center, pre- and post-event gallery space, two restaurants with indoor and lakeside dining, a bar in between the two restaurants, a lakefront promenade and gathering spaces. The second phase is scheduled to start in the first quarter of 2022. The …
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.
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 …