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, …
Florida
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 …
Winter Park Construction Breaks Ground on $23M Madison Landing Affordable Community in Orlando
by Jeff Shaw
ORLANDO, Fla. — Winter Park Construction has broken ground on Madison Landing, an affordable seniors housing community in Orlando. Development partners American Residential Communities and New South Residential paid $1.3 million for 5.4 acres of land for the project. The first phase will be a 77,473-square-foot, seven-story building totaling 110 units. Development costs for Phase I are estimated at $23 million. Completion of Phase I is scheduled for September 2021. A second phase, not yet approved, would add 86 more units. The developers are pursuing future funding from Florida Housing …
WINTER PARK, Fla. — Greystar Real Estate Partners is developing Overture Hamlin, an active adult community in Winter Park, a suburb of Orlando. The apartment community will feature 110 one-bedroom and 70 two-bedroom units, plus 9,000 square feet of amenities. It is locate along Lake Hancock, nearby to both Walt Disney World and a variety of healthcare providers, including Orlando Health and AdventHealth Orlando facilities. Greystar expects to complete construction in summer 2021.
Grace Management Takes Over Operations of Sumter Senior Living in The Villages, Florida
by Jeff Shaw
THE VILLAGES, Fla. — Grace Management is now the new operator of Sumter Senior Living, a seniors housing community within the master-planned The Villages age-restricted community, located approximately 50 miles northwest of Orlando. Sumter features 298 units of independent living, assisted living and memory care. Residents have access to the amenities offered by the larger The Villages community. The property’s owner is Kayne Anderson Real Estate.
VIERA and PONTE VEDRA, Fla. — RangeWater Real Estate is preparing to open its first two active adult communities under its new Olea brand. The properties are Olea at Viera near Orlando and Olea at Nocatee in Ponte Vedra, a suburb of Jacksonville. The new Olea brand is designed for empty nesters looking to lead an active and social lifestyle with the convenience and freedom of apartment living. The two projects are located 140 miles apart on Florida’s east coast and mark the start of RangeWater’s age-targeted housing expansion across …