News

FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, a nonprofit senior living operator based in Fort Washington, has made three appointments to its corporate leadership team. Susan Ahern was appointed to the position of senior vice president and chief financial officer. Ahern has been with Acts since 2000, and most recently served as vice president and controller. She is a Certified Public Accountant and a Certified Management Accountant. Ahern holds a bachelor’s degree in accounting from Messiah University and an MBA from LaSalle University. She is a fellow in the LeadingAge …

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GEORGETOWN, Texas — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) have broken ground on Amberlin Georgetown, a 188-unit active adult community in Georgetown, a northern suburb of Austin. The property will feature one- and two-bedroom units ranging in size from 615 to 1,285 square feet and equipped with private terraces or fenced-in backyards. Amenities will include bocce and pickleball courts, a resort-style pool and sundeck, a fenced-in dog park, fitness center, game lounge, media lounge, community garden, library and a coffee bar. Each unit will rent for …

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WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has sold three assisted living communities in Wisconsin that were part of LTC’s Senior Lifestyle portfolio for $35 million. The estimated gain from the sale of the properties, which include 263 assisted living units, is approximately $5.6 million. The net proceeds from the sale of approximately $34.0 million were used to paydown LTC’s unsecured revolving line of credit. “Transitioning the Senior Lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings …

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GLENARDEN, Md.— Pennrose has started leasing at Residences at Glenarden Hills II, the second of the six-phase Glenarden Hills master-planned community. The community is available to seniors age 55 and older, expanded from the previous 62-plus eligibility. The community features one- and two-bedroom apartments available for $1,299 to $1,617 per month. The number of units was not disclosed. Once complete, the 27-acre Glenarden Hills master-planned community will include seniors and family affordable apartments, market-rate and affordable rental townhomes, and for-sale townhomes.

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VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has promoted Jessica Desjarlais to talent acquisition specialist, less than two years after her latest promotion to family office manager in August 2019. Desjarlais joined Watercrest in early 2018 as concierge at Watercrest St. Lucie West Assisted Living and Memory Care in St. Lucie. In her previous role, she also supported human resources in recruitment, administration and onboarding, while leading local job fairs. In her new role, Desjarlais will assist in attracting and recruiting new talent and prospective …

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DURHAM, N.C. — Ziegler has arranged $44.4 million in bond financing for The Forest at Duke, a 47-acre continuing care retirement community just south of Duke University in Durham. The Forest at Duke opened in 1992 and currently serves over 360 residents across 154 apartments, 88 cottages (242 total independent living units), 34 assisted living units and 58 licensed skilled nursing beds. Proceeds of the bonds will be used for a renovation project that will include 90 new units (32 assisted living and 58 skilled nursing) in a “small house” …

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NEW YORK CITY — JLL Capital Markets has arranged the $31.7 million sale of a 57,035-square-foot lot at 70-35 113th Street in Forest Hill, Queens, with plans for two multi-housing development projects totaling 318,238 square feet. JLL worked on behalf of the seller, Jasper Venture Group. The buyer was a partnership between Top Rock Holdings, RJ Capital Group and SYU Properties. The proposed project encompasses a 235,679 square-foot market-rate multifamily development, in addition to an 82,559 square-foot affordable senior living development. A recent survey by JLL revealed that, after a …

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ERIE, Pa. — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Mary’s East, a continuing care retirement community in Erie. The original building was constructed in 1929 and the campus underwent several additions and renovations with the last project completed in 2010. It features 139 skilled nursing beds and 29 units / 58 beds of residential and personal care. The seller was a local nonprofit looking to focus on its other campus, which is a true entry fee CCRC model. The buyer and price were not disclosed.

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ALEXANDRIA, Va. — Argentum has elected five new directors to serve on the Argentum Board of Directors. Each assumed their official roles on the board as of June 3. New directors include: Cindy Baier, president and CEO, Brookdale; Jack Callison, CEO, Sunrise Senior Living; Tana Gall, president, Merrill Gardens; Mary Ellen Pisanelli, senior vice president, legal and administration, Welltower Inc.; and Aaron Webb, CEO, CHI Living Communities. “These welcome additions to the board bring experience and knowledge that will help provide valuable direction,” says Pat Mulloy, Argentum Board of Directors …

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VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has hired Sebastian Watteau to a newly created role as area director of culinary operations. Watteau joins the Watercrest leadership team with a background ranging from luxury hotels to the White House. Born in the Loire Valley of France and raised in Mexico, Watteau was introduced to culinary fusions at a young age, where he discovered his passion for the industry. Following hospitality training in Spain, and military service in France, Watteau returned to the U.S. for advanced …

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