PHILADELPHIA — While seniors may still have a high interest in moving into seniors housing communities, it’s crucial that sales teams hit on certain difficult topics in a world shaped by the COVID-19 pandemic Philadelphia-based marketing firm LevLane Inc. and MarketVision Research Inc. conducted a research study of 250 adults over age 65. The study found that 64 percent of those surveyed who had been considering a move to a senior living community pre-COVID were still interested in moving into a community within the next five years, and of those …
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LeCesse Development Starts Construction of 118-Unit Active Adult Community in West Warwick, Rhode Island
by Jeff Shaw
WEST WARWICK, R.I. — LeCesse Development Corp. has broken ground on a 118-unit active adult community in West Warwick, a suburb of Providence. Named Matteson Ridge, the units will comprise a series of single-family-style homes for rent to residents over the age of 55. Phase I homes will be available for lease in early 2021, with more homes available late spring 2021. Phase I of Matteson Ridge is already underway and will total 33 units, including 15 single-level duplexes and one triplex. The second phase of the project will include …
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerson House Portland, a memory care community in Portland. The property features 29 units totaling 55 bed. It was built in 1999 and renovated in 2013, now totaling 15,000 square feet on one third of an acre. A regional owner-operator existing the industry sold the asset to an Oregon-based operator for an undisclosed price. The new owner has agreed to operate the property as a COVID recovery facility for the State of Oregon. Jason Punzel, Brad Goodsell …
TACOMA, Wash. — Lument has hired David Boitano as a managing director. He will be responsible for delivering an array of debt and structured products to the firm’s seniors housing and healthcare clients. Boitano will be based in Tacoma as part of Lument’s Western region team co-led by Casey Moore and Doug Harper, both managing directors. Boitano has 25 years of experience in seniors housing finance. Prior to joining Lument, he was a senior vice president at Ventas, a healthcare REIT, where he completed over $15 billion in healthcare real …
Walker & Dunlop Arranges $86M in Financing for Two Seniors Housing Communities in Western U.S.
by Jeff Shaw
PALO ALTO, Calif., and HONOLULU — Walker & Dunlop Inc. has arranged a total of $86 million in financing for two seniors housing properties. The loans provided $45 million to EWS Real Estate Investment Co. for Palo Alto Commons, a 181-unit property in Palo Alto, and $41 million to The MW Group for The Plaza at Moanalua, a 160-bed community in Honolulu. Both properties offer assisted living, independent living and memory care. Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, …
JCH Negotiates $5.4M Sale of Skilled Nursing, Assisted Living Campus in Southern California
by Jeff Shaw
HEMET, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community in Hemet, located the San Jacinto Valley, totaling 64 skilled nursing beds and 49 assisted living beds. A family-owned owner-operator sold the property to a first-time buyer for $5.4 million. The new owner immediately leased the property to a local assisted living operator. The price equates to a capitalization rate of 9 percent and a price per bed of $84,375.
DELRAY BEACH, Fla. — Tuscan Gardens Senior Living proudly announces the opening of Tuscan Gardens of Delray Beach. The property offers assisted living, “enhanced assisted living” and memory care. The number of units was not disclosed. The luxury community is located within 15 miles of multiple hospitals, including those for rehabilitation and short- and long-term acute care.
LOS ANGELES — The Stahler Group of Marcus & Millichap has arranged the sale of an 89-unit assisted living and memory care community in Los Angeles County. The specific name and location of the property were not disclosed. A private investor sold the property to a regional owner with a track record of successful turnarounds. The price was not disclosed. The property was originally leased to Summerville followed by Emeritus and then ultimately Brookdale following the merger with Emeritus. Brookdale recently chose to not renew its lease.
PHILADELPHIA — Pennrose has promoted Ivy Dench-Carter to senior vice president of development. In this role, she will oversee the execution and growth of Pennrose’s development pipeline within multiple designated regions, be responsible for the oversight of performance goals for the regions as identified in Pennrose’s Strategic Plan and monitor regional performance and efficiency. Dench-Carter will provide executive representation of Pennrose among industry organizations and associations, financial partners, design and construction partners, housing authorities, and state agencies. Prior to her new role, Dench-Carter served as the regional vice president of …
Sparrow Partners to Break Ground on Sage Cobblestone Active Adult Community in Norman, Oklahoma
by Jeff Shaw
NORMAN, Okla. — Sparrow Partners will break ground this week on the first active adult community in Norman, the 168-unit Sage Cobblestone. The community will be adjacent to the Cobblestone Creek Golf Course and 2.5 miles from the University of Oklahoma. The first residents are scheduled to move in to the six-acre property in the spring of 2022. The community’s one- and two-bedroom apartments will rent for between approximately $1,400 and $2,055 a month, compared to the $3,345 average monthly cost of an assisted living facility in Oklahoma, according to …