SPRING, Texas — A joint venture between Braintree Properties and Cadence McShane has broken ground on Aviva Terranova Independent Senior Living Community in Spring, a suburb of Houston. Plans call for a 140,000-square-foot campus comprising four-story, wood-framed structures and 163 units. Additional features include a fitness center, pool, theater, library, Cyber Café and a parking garage with 215 parking spaces. The project is scheduled for completion in late 2023.
VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has promoted Stephanie L’Heureux to director of accounting, overseeing the financial systems of all Watercrest senior living communities and its associated brands. L’Heureux is one of the longest tenured Watercrest associates, having joined owners Marc Vorkapich, CEO, and Joan Williams, CFO, just one year after the organization’s inception in Summer 2012. From her start as an accountant to her promotion to senior accountant, she supported Watercrest Senior Living Group during its growth throughout the Southeast. L’Heureux’s experience includes …
For many seniors housing operators, occupancy is back to where it was before the COVID-19 pandemic struck. In addition, aggressive rent increases have resulted in elevated revenues. However, as a result of high inflation, an extremely tight labor market and supply constraints increasing costs, profit margins have not yet returned to pre-pandemic levels. “As an appraiser I’ve been getting all kinds of questions about what’s happening with margins and when they’ll return,” said JP LoMonaco of Valuation & Information Group. “Over the past two-and-a-half years, trying to calculate a cap …
GLASTONBURY, Conn. — Cushman & Wakefield has arranged the sale of Buckingham Heights, a 46-unit, 52-bed memory care community in Glastonbury, a suburb of Hartford. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Jack Griffin represented the seller, Longview Senior Housing, in the transaction. Hamister Group, a seniors housing investor and operator, purchased the property for an undisclosed price. “This community had some of the most durable cash flow we’ve seen in today’s market and its strong location was especially attractive,” says Wagner. The property is a single-story building …
OVERLAND PARK, Kan. — Erickson Senior Living has opened Santa Fe Ridge, an independent living expansion at its Tallgrass Creek continuing care retirement community. Located on 65 acres in the Overland Park suburb of Kansas City, Tallgrass Creek now features 96 new units. In addition to the new residences, Santa Fe Ridge features an indoor pickleball court and a new restaurant. The building is named for the historic Santa Fe Trail, which opened in 1821 and served as the most important route to the West before the era of the …
PONTE VEDRA BEACH, Fla. — Ziegler has arranged $30 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville. The community occupies a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. Sawgrass includes four golf clubs including TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities. Vicar’s Landing currently features 227 independent living units, 38 assisted living apartments and 60 skilled nursing beds. The financing will fund a Phase …
BALTIMORE — The Jack and Nancy Dwyer Workforce Development Center Inc., a Baltimore-based investor, has acquired Regency Integrated Health Services and its 50-property skilled nursing portfolio throughout Texas for $590 million. The Regency properties are home to approximately 4,600 residents. Dwyer plans to transition the portfolio from a for-profit to a nonprofit organization under the terms of the transaction. The seller is a group of multiple owners. The transition to a nonprofit was the vision of entrepreneur Jack Dwyer to end systemic poverty and address the growing workforce crisis plaguing …
GREENVILLE, S.C. — Evans Senior Investments (ESI) has arranged the sale of a 52-unit assisted living community in Greenville. A large, East Coast-based private equity firm sold the asset to regional owner-operator Windriver Cos. for an undisclosed price. Built in 2001, the community is 100 percent private pay. Having been all studios, the community was 40 percent occupied at the time of marketing and losing money. “The buyer plans on utilizing their existing resources in the state to oversee the community, begin construction on a refurbishment and add memory care …
HOUSTON — The Buckingham, a continuing care retirement community in Houston, has named Philip Jacob as its new executive director. Jacob joined the community as a health care administrator in 2011, and mostly recently served as interim executive director. He brings several years of experience from SavaSeniorCare’s Houston properties. Under his tenure, the community earned and continues to receive a five-star rating from the Centers for Medicare and Medicaid Services (CMS). The healthcare center continues to achieve the highest clinical outcomes in the city and received deficiency-free surveys in 2015 …
REDMOND, Wash. — Emerald Communities has started construction of an expansion project at Emerald Heights, a continuing care retirement community (CCRC) in the Seattle suburb of Redmond. The new building, named Courtyard, will rise three stories and feature 42 independent living units ranging in size from 826 to 1,726 square feet. Dean Kelly of the architecture firm Rice Fergus Miller, who worked on Emerald Heights’ previous expansion in 2014, led the design of the new building. The Courtyard will total 70,638 square feet plus a 35,703-square-foot underground parking structure. GLY …
