COOPER CITY, Fla. — CC Residential, a multifamily development firm led by Jim Carr and Armando Codina, has selected United Plus Property Management (UPPM) to operate The Residences at Monterra Commons, an active adult community in the Miami suburb of Cooper City. Construction began on The Residences at Monterra Commons this summer. Upon completion, the development will include 175 one- and two-bedroom apartments for adults aged 55 and older. Units at The Residence at Monterra Commons will range from 760 square to 1,465 square feet for two-bedroom. Amenities at the …
Florida
Inspired Living Launches Independent Living Brand with Inspirations at the Town Center in Jacksonville
by Jeff Shaw
JACKSONVILLE, Fla. — Inspired Living has started construction of Inspirations at the Town Center, the company’s first independent living community, in Jacksonville. Situated on 12.1 acres, the 227,000-square-foot building will feature a total of 169 apartments. Units will feature one- and two-bedroom options up to 1,200 square feet. The Inspired Living brand is the new independent living branch of Validus Senior Living Communities. Baxter Development is a partner on the project, which is scheduled for delivery in fall 2021.
Watercrest Hires James Brassard as Executive Director of Palm Bay Memory Care in Florida
by Jeff Shaw
PALM BAY, Fla. — Watercrest Senior Living Group has hired James Brassard as executive director of Palm Bay Memory Care, a 72-unit memory care community approximately 70 miles southeast of Orlando. Brassard is experienced in senior living start-ups and turn-around communities and has received the FALA Sales and Marketing Director of the Year award. A combat veteran who served in both Afghanistan and Iraq, Brassard received his M.B.A. from Gulf Coast University and continues to serve his local community as a college professor.
ROYAL PALM BEACH, Fla. — Hunt Midwest and Integral Senior Living have teamed with Pi Architects to develop The Capstone at Royal Palm, a 75,000 square-foot senior living community in the South Florida village of Royal Palm Beach. Plans call for 56 assisted living apartments and 44 memory care suites. “The Capstone at Royal Palms is the first in a series of projects with Hunt Midwest, Integral Senior Living and Pi Architects,” says Pi President Greg Hunteman.
PORT CHAROLOTTE, Fla. — Capital Square, a national investment sponsor specializing in tax-advantaged real estate offerings, has invested an undisclosed amount in Harbor View, an age-restricted manufactured housing community on the Peace River waterfront in Port Charlotte. “There is a scarcity of manufactured housing communities in Florida, creating an imbalance of supply and demand,” says Louis Rogers, founder and chief executive officer of Capital Square. “The community presents a value-add opportunity, with 38 vacant home sites out of 147 total home sites, and average home site rent of only $448, …
Watercrest, United Properties Near Completion of 198-Unit Community in Sarasota, Florida
by Jeff Shaw
SARASOTA, Fla. — Watercrest Senior Living Group and United Properties have reached the final phase of construction of Watercrest Sarasota. The community features 72 independent living units, 94 assisted living units and 32 memory care residences. Walker & Co. is building the property alongside Interior Design Associates.
Greystone Provides $30M Financing for Redevelopment of Council Towers Affordable Community in Miami Beach
by Jeff Shaw
MIAMI BEACH, Fla. — Greystone has provided a $30 million HUD loan for the renovations at Council Towers Senior Apartment Homes, an age-restricted affordable housing community in Miami Beach. Council Towers comprises two 12-story buildings with a total of 250 one-bedroom units. HUD provides rental subsidies under a Project-Based Section 8 contract. The substantial rehabilitation of the property, which was originally constructed under HUD’s Section 202 program 40 years ago, will upgrade, preserve and continue to provide affordable housing. Apartments are restricted to seniors over age 62 making up to …
Live Oak Bank Provides $22M Construction Loan for Medical Office, Seniors Housing Complex in Miami
by Jeff Shaw
MIAMI — Live Oak Bank has provided a $22 million loan for the construction of medical office building MedSquare Place and independent living community The Contemporary, both located in the Westchester submarket of Miami. The development team consists of Miami-based commercial real estate owners AJP Ventures and Mas Group along with equity partner OCTA. Bruce Gibson, principal with Senior Capital Advisors, arranged the financing. MedSquare Place will expand the MedSquare brand’s footprint of healthcare real estate and complement the existing MedSquare Health building near Baptist Hospital of Miami. MedSquare Place’s …
Watercrest names Loresa Smith as Executive Director of Community in Santa Rosa Beach, Florida
by Jeff Shaw
SANTA ROSA BEACH, Fla. — Watercrest Senior Living Group has hired Loresa Smith as executive director of Watercrest Santa Rosa Beach Assisted Living and Memory Care in Santa Rosa Beach, located on the Florida Panhandle. EMJ is currently building the 107-unit community, which is scheduled to open this fall. Smith has served in the healthcare industry for over 14 years, with five years of specialized sales and marketing experience.
Winter Park Prepares to Open 90-Unit Georgetown Square Affordable Community in Sanford, Florida
by Jeff Shaw
SANFORD, Fla. — Winter Park Construction is nearing completion of Georgetown Square Apartments, a 90-unit affordable seniors housing community in Sanford, a suburb of Orlando. Redding Development Partners is developer on the project and the architect is Slocum Platts Architects. Partners include the Sanford Housing Authority and Gardner Capital. The 3.2-acre site formerly housed Redding Gardens, a public housing property. Of these apartments, 28 will be project-based Section 8 units, and the remainder will be reserved for residents earning 60 percent of area median income. The project received a 9 …