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AcquisitionsMemory CareNewsOklahoma

Marcus & Millichap Arranges Sale of 31,000 SF Belfair of Shawnee Memory Care Community in Oklahoma

by Jeff Shaw

SHAWNEE, Okla. — Marcus & Millichap has brokered the sale of Belfair of Shawnee, a 31,000-square foot memory care property in Shawnee, a suburb of Oklahoma City. A limited liability company sold the asset to another limited liability company for an undisclosed price. Rod Llanos, a first vice president in Marcus & Millichap’s Houston office specializing in investment sales of seniors housing properties, had the exclusive listing to market the property on behalf of the seller. Steve Greer, Marcus & Millichap’s broker of record in Oklahoma, assisted in closing the …

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AcquisitionsMemory CareNewsVirginia

Blueprint Negotiates Sale of 48-Unit Arbor Terrace Fairfax in Chantilly, Virginia

by Jeff Shaw

CHANTILLY, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Arbor Terrace Fairfax, a 48-unit memory care community in Chantilly, approximately 25 miles west of Washington, D.C. The seller was Capitol Seniors Housing (CSH), which developed the community in 2017 alongside operator The Arbor Company. The community leased up in record time, reaching 93 percent occupancy within eight months of opening its doors, according to Blueprint. It also maintained profitability during the COVID-19 lockdowns. Upon fully restabilizing in first-quarter 2022, CSH sought to collect on its successful …

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DevelopmentNewsNorth Carolina

Crescent Communities to Break Ground on First Phase of River District Master-Planned Development in Charlotte

by Jeff Shaw

CHARLOTTE, N.C. — Crescent Communities plans to break ground Wednesday on The River District, a master-planned community on Charlotte’s west side. The development will span 1,400 acres between the Catawba River and Charlotte Douglas International Airport, including 500 acres of preserved land. Upon completion, The River District will feature 5,000 residences (single-family homes and apartments), 8 million square feet of commercial space, hotels and seniors housing apartments. Crescent expects the development to generate more than $5.6 billion of gross annual economic impact for the region and state. “The River District’s …

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IllinoisMemory CareNewsPeople

Anthem Memory Care Appoints Fran DeJulius-Rybarski as Executive Director for Emerald Place in Glenview, Illinois

by Jeff Shaw

GLENVIEW, Ill. — Anthem Memory Care has named Fran DeJulius-Rybarski executive director for Emerald Place in Glenview. Rybarski previously was executive director of The Auberge at Orchard Park in Morton Grove, Illinois. She has also served as executive director for Green Oaks Senior Living in Libertyville, Illinois.

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DevelopmentFloridaNews

Watermark, Zom Open 154-Unit Community in West Palm Beach, Florida

by Jeff Shaw

WEST PALM BEACH, Fla. — Watermark Retirement Communities and Zom Senior Living have opened The Watermark at West Palm Beach, a 154-unit seniors housing community in the South Florida city of West Palm Beach. The community is the latest addition to Watermark’s luxury Élan Collection of communities. “West Palm Beach offers everything today’s sophisticated seniors want, including easy access to travel and proximity to dining, shopping, arts, culture and world-class medical care,” says David Freshwater, chairman of Watermark Retirement Communities. Spanning over 245,000 square feet, The Watermark at West Palm …

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Assisted LivingDevelopmentFloridaNews

SRI Management, Rimrock Cos. Complete The Canopy at Duval Station in Jacksonville

by Jeff Shaw

JACKSONVILLE, Fla. — SRI Management, in conjunction with Jacksonville-based real estate developer Rimrock Cos., has opened The Canopy at Duval Station, a seniors housing community in Jacksonville. The property offers assisted living and memory care services. The number of units was not disclosed. The community’s executive director is Leslie Nostrant.

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AcquisitionsNew MexicoNewsSkilled Nursing

Blueprint Brokers Sale of 52-Bed Sunset Villa Care Center in Roswell, New Mexico

by Jeff Shaw

ROSWELL, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Villa Care Center, a 52-bed skilled nursing facility in Roswell. The facility is located within three miles of two regional acute care hospitals. It was built in 1965, but “is very well maintained, and had strong recent and historical financial trends,” according to Blueprint. Blueprint’s marketing efforts focused on highlighting the facility’s high cash flows, operating margins, and the local submarket’s strength. At the time of marketing, the facility was running revenues of approximately $6 million. …

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CaliforniaDevelopmentMemory CareNews

MorningStar Completes Renovations at Community in Pasadena, California

by Jeff Shaw

PASADENA, Calif. — MorningStar Senior Living has reopened its 144-unit Pasadena community. Soon after assuming management in December 2020, MorningStar, a Denver-based senior living owner and operator, began a complete renovation of the four-story community. “The extensive renovation of MorningStar Senior Living of Pasadena recognizes the desire for retirees to remain in the neighborhoods they love, but with options for contemporary living,” says Ken Jaeger, MorningStar founder/CEO. “This redesign reflects our substantial experience in taking senior living innovation to the next level while continuing to meet the pressing need for …

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Assisted LivingDevelopmentFinanceFloridaNews

Capital Funding Group Provides $27.2M Loan for Seniors Housing Conversion Project in South Florida

by Jeff Shaw

SUNRISE, Fla. — Capital Funding Group has provided a $27.2 million construction loan for the conversion of a partially completed hotel in South Florida to a 191-unit assisted living community. The property is located at 3003 N. University Drive in Sunrise, about 10 miles west of Fort Lauderdale. The borrower, YMP Real Estate Management, will use $7.4 million of the financing to complete the shell construction. YMP will also manage the seniors housing community when it opens. The construction timeline was not disclosed.

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