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ArizonaDevelopmentNews

LCS Completes $10M Renovation at Fountain View Village in Fountain Hills, Arizona

by Jeff Shaw

FOUNTAIN HILLS, Ariz. — LCS has completed the $10 million renovation project at Fountain View Village, an independent living, assisted living and memory care community in Fountain Hills, approximately 25 miles northeast of Phoenix. The project included a redesign of all common areas and apartments, as well as upgrades to all community amenities. The project also includes a sport court area with a gazebo, pickleball court, and putting green in an outdoor recreational space, scheduled for completion in early 2024.

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AcquisitionsAffordable HousingCCRCNewsOhio

Blueprint Arranges Sale of Mixed-Income Vineyard on Catawba Campus in Ohio

by Jeff Shaw

CATAWBA ISLAND, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Vineyard on Catawba in the lakeside town of Catawba Island. The campus features independent living units, assisted living apartments, developable land and affordable senior apartments. The seller was one of the country’s largest nonprofits. The buyer was United Church Homes, another large nonprofit seniors housing provider. The price was not disclosed. United Church Homes has rebranded the campus as The Parkvue Community on Catawba Island. Connor Doherty and Ryan Kelly led the Blueprint team.

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AcquisitionsAlabamaCCRCNews

Ziegler Arranges Sale of 316-Unit St. Martin’s in the Pines CCRC in Birmingham, Alabama

by Jeff Shaw

BIRMINGHAM, Ala. — Ziegler has served as sell-side financial advisor for the sale of St. Martin’s in the Pines, a 316-unit continuing care retirement community in Birmingham. Diversicare Healthcare Services acquired the property from the independent ownership board. The price was not disclosed. Located in the eastern outskirts of the city near the Mountain Brook and Homewood suburbs, the property is near the University of Alabama at Birmingham and the UAB hospital system. The community comprises a four-story independent living facility with 97 apartments, a two-story assisted living and memory …

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Affordable HousingDevelopmentIllinoisNews

Lincoln Avenue Communities Breaks Ground on Willis Senior Lofts Affordable Development in Rochelle, Illinois

by Jeff Shaw

ROCHELLE, Ill. — Lincoln Avenue Communities (LAC) has broken ground on Willis Senior Lofts, an affordable housing development for lower-income seniors. The property will be constructed in Rochelle, a small city of fewer than 10,000 residents approximately 75 miles west of Chicago. The 60-unit property represents LAC’s second new construction deal in Illinois. Willis Senior Lofts will serve residents age 55 and older, with 45 units restricted to households earning less than 60 percent of the area median income (AMI) and 15 units restricted to 30 percent AMI. LAC plans …

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Assisted LivingFinanceNew YorkNews

Live Oak Provides $27.2M Refinancing for Community in Woodbury, New York

by Jeff Shaw

WOODBURY, N.Y. — Live Oak Bank has provided a $27.2 million refinancing for an 89-unit assisted living and memory care community in Woodbury. Located in the Hudson Valley, Benchmark Senior Living operates the stabilized community. Benchmark and its joint venture partner, Iron Point Partners LLC, developed the building. Although the name of the community was not disclosed, Orchard Estate of Woodbury is the only Benchmark-operated property in the town.

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Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment Starts $55.3M Adaptive Reuse of Historic Mill Complex in Western Massachusetts

by Jeff Shaw

HOLYOKE, Mass. — WinnDevelopment has broken ground on a $55.3 million adaptive reuse transformation of a long-vacant, historic mill complex that will be transformed into 88 affordable apartment homes for seniors age 55 and older. The project is located in Holyoke, a suburb of Springfield. The redevelopment at the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building …

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Assisted LivingDevelopmentNewsVirginia

The Virginian Opens New Assisted Living Wing as Part of $67M Renovation

by Jeff Shaw

FAIRFAX, Va. — The Virginian, an independently operated continuing care retirement community in Fairfax, has opened the second phase of the community as part of a $67 million renovation.  The renovated seven-story, 367,000-square-foot buildings will feature four wings, comprising 155 independent living apartments, 56 assisted living residences and 36 memory care units, along with 81 skilled nursing beds. Nestled on over 32 wooded acres along the Accotink Creek of the Potomac River, The Virginian stands out as one of the few senior living communities in the area.

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Affordable HousingCaliforniaDevelopmentNews

Community HousingWorks Opens Portola Senior Apartments in Lake Forest, California

by Jeff Shaw

LAKE FOREST, Calif. — Community HousingWorks (CHW) has opened Portola Senior Apartments, an affordable housing community in Lake Forest.  CHW’s first community in Orange County, Portola Senior Apartments is built as a standalone, four-story building with ground-floor retail space. The building features 58 one-bedroom apartments (including one designated for an on-site property manager) for singles or couples age 62 years and older who earn 50 percent of the area median income (AMI) or less, which is approximately $50,000 per year. Over 750 people applied to live in Portola within three …

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AcquisitionsAssisted LivingIndianaNews

SLIB Arranges Sale of 45-Unit Vermillion Place in Anderson, Indiana

by Jeff Shaw

ANDERSON, Ind. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Vermillion Place in Anderson, approximately 30 miles northeast of Indianapolis. The community comprises 45 units of assisted living care on about two acres. This particular asset was family owned and it proved difficult to successfully run a smaller, single-site operation, according to SLIB. The owner made the decision to sell and was encouraged by its lender to divest.  The buyer is a private owner that previously provided the owners with operating, clinical and environmental consulting services for …

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AcquisitionsAssisted LivingNewsVirginia

Blueprint Brokers Sale of Two Communities in Central Virginia

by Jeff Shaw

VIRGINIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living and memory care communities in Central Virginia. The properties located approximately 75 miles apart from each other and total 128 total units. One is located in a densely populated, affluent market, and the other in a more tertiary submarket. The buyer, seller and price were not disclosed, nor were further details on the properties.The Blueprint team included Kory Buzin, Steve Thomes, Amy Sitzman and Giancarlo Riso.

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