LA GRANGE, WESTMONT, PROSPECT HEIGHTS and LAKE ZURICH, Ill. — Senior Lifestyle has acquired four communities in the Chicago metropolitan area: Aspired Living of La Grange Aspired Living of Westmont Aspired Living of Prospect Heights Azpira Place of Lake Zurich The communities offer assisted living, memory care and supportive living residences in the northern and southern suburbs of Chicago. Further details on the properties were not disclosed.
LEXINGTON, Ky. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Legacy Reserve at Fritz Farm in Lexington. The property opened in 2017 and comprises 114 independent living, 38 assisted living and 15 memory care units. Atlas Senior Living sold the asset, which was 98 percent occupied. KIRCO was the buyer and will keep Atlas on as the operator. The price was not disclosed.
NASHVILLE, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Grace Manor, a 42-unit assisted living community in Nashville. A local church built Grace Manor in 2010. The property struggled with occupancy and profitability during the COVID-19 pandemic. As a result of the performance, the property was voluntarily closed in November of 2021. The seller (which purchased the HUD note at auction) is a private investment firm that manages alternative assets for high-net-worth individuals and institutional investors. The buyer and price were not disclosed. Patrick Burke and …
ANNAPOLIS, Md. — The National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit providing data to the seniors housing industry, has appointed five new members to its board of directors: Bre Grubbs, partner and chief strategy officer of Leisure Care, who becomes assistant secretary Vikas Gupta, senior vice president of acquisitions and development at Omega Healthcare Investors Inc. Severine Petras, CEO and co-founder of Priority Life Care Kathy Ryser, senior director of seniors housing underwriting and credit at Freddie Mac Aron Will, vice chairman of CBRE, who …
DALLAS — Developers in the active adult sector are subject to the same struggles as any other sector. Interest rates are as high as they’ve been since before the Global Financial Crisis of 2008, making construction financing difficult to attain. Construction costs, both for labor and materials, have skyrocketed since the COVID-19 pandemic began. Quality sites are few and far between. But for developers that can overcome those challenges, there has rarely been a market as ripe for new construction as active adult, according to Michael Hartman, principal of active …
CYPRESS, Texas — Granite Harbor Advisors, an investment advisory firm based in Houston, has hit its funding goal for its private equity offering to finance an expansion project at Spring Cypress Senior Living located in Cypress, a suburb of Houston. Spring Cypress Senior Living is an independent living, assisted living and memory care living facility. The center’s expansion project will bring 43 new independent living units split between townhomes and cottages, 95 new assisted living apartments, and 14 new memory care units. The project’s first phase is completed and has …
CHICAGO — Birchwood Healthcare Partners has concluded initial fundraising for the 5V+ Seniors Healthcare Fund. Established in 2014 in Chicago, Birchwood is a fully-integrated and diversified investment firm targeting the intersection of operations and real estate for the rapidly growing seniors healthcare demographic. The 5V+ Seniors Healthcare Fund provides exposure to four key verticals of seniors healthcare: seniors housing, healthcare services, transitional & long-term care and active adult.
ALEXANDRIA, Va. — Argentum, an Alexandria-based trade association serving the seniors housing industry, has elected Sevy Petras, CEO and co-founder of Priority Life Care, to its board of directors. As an Argentum board member, Petras will help support and enhance the organization’s advocacy efforts on behalf of the industry on a number of key initiatives, including working to increase access and affordability of assisted living.
HUNTSVILLE, Ala. — Pennrose, the Huntsville Housing Authority (HHA), BLOC Global Development Group (BLOC) and other project partners have opened Stoneridge Villas Phase II, which adds 65 affordable seniors housing units to the Stoneridge Villas development at 1700 Balch Road. With the completion of the second and final phase, Stoneridge Villas now features 145 units and supportive services on a 21.7-acre site. Stoneridge Villas Phase II includes a mix of one and two-bedroom units for seniors in cottage-style buildings. All 65 units will be fully adaptable, with five apartments wheelchair-accessible …
LAWRENCEVILLE, Ga. — Highlands Residential and Perennial Properties have formed a joint venture to build Park Place Apartments, a 148-unit active adult community in Lawrenceville, approximately 30 miles northeast of Atlanta. Construction of the project is already underway, and first move-ins are scheduled for 2024. The senior population of Gwinnett County is expected to grow by 33.6 percent over the next 10 years and Atlanta metro wide by 47 percent, according to the developers. Atlanta-based Highlands Residential is the developer and at completion Perennial Properties will be the property manager. …