PHOENIX — Gardner Capital has completed construction of El Caro Apartments, a 102-unit affordable senior apartment complex in Phoenix. The property also features a food pantry on-site. Gardner Capital worked with the City of Phoenix’s Housing Department and the Arizona Department of Housing, as well as financial partners Citibank and Enterprise Community. Kitchell served as the general contractor. “We recognized the dual needs for seniors housing and food pantries when developing this site with the aim of creating comfortable, flexible living spaces while reducing food insecurity in the Phoenix area,” …
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OXFORD and SOUTHAVEN, Miss. — Marcus & Millichap has arranged the sale of Hermitage Gardens of Oxford and Hermitage Gardens of Southaven, both seniors housing communities in Mississippi. The properties feature a combined 69,526 square feet of space and 116 units. A REIT sold the assets to a private equity firm for an undisclosed price. Krone Weidler and L.J. Tsunis of Marcus & Millichap’s Tampa office represented both the buyer and the seller. William Davis assisted in the closing.
ROCKY FORD, PAONIA and GLENWOOD SPRINGS, Colo. — Walker & Dunlop Inc. has arranged $16.4 million in financing for three skilled nursing facilities in Colorado. The borrower is Madison Creek Partners. The portfolio comprises Pioneer Health Care Center, a 29-unit facility in Rocky Ford; Paonia Care & Rehabilitation, a 28-unit facility in Paonia; and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs. Kevin Giusti led the origination team. The HUD loans will refinance existing debt. Renovated in 1964, Pioneer Health Care Center is the only Veterans Affairs-contracted facility …
SACRAMENTO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Regency Place Senior Living, a 72-unit independent living, assisted living and memory care community in Sacramento. The seller, a private ownership group, acquired the property in 2015 and improved performance through renovations, the addition of memory care and a change of operator. A California-based owner-operator acquired the property for an undisclosed price, and has elected to keep Northstar Senior Living as the operator.
Pasquale Kuritzky Receives Certificate of Occupancy for 120-Unit Affordable Community in Hollywood, Florida
by Jeff Shaw
HOLLYWOOD, Fla. — Pasquale Kuritzky Architecture Inc. has received the certificate of occupancy for Pinnacle at Peacefield, an affordable seniors housing community in Hollywood, approximately 18 miles north of downtown Miami. The community, named after the ancestral home of John Adams, is part of a redevelopment of the South Dixie Highway corridor on land assembled by the City of Hollywood and its Community Redevelopment Agency. The community features 120 units consisting of one- and two-bedroom residences across three buildings. Pinnacle at Peacefield is the seventh project that Pasquale Kuritzky Architecture …
MAPLE GROVE, Minn. — Grace Management Inc. has hired Suzanne Hansmann as senior vice president of human resources. The company is based in Maple Grove, a suburb of Minneapolis. In her new position Hansmann directs and leads all human resources functions. She has more than 25 years of experience in the field, with specific expertise in areas of associate engagement and organizational effectiveness. Prior to joining Grace Management, Hansmann held human resources leadership roles in various settings including medical device, dental manufacturing and retail services. She led the human resources …
INDIAN LAND, S.C. — Watercrest Senior Living Group and equity partner Waypoint Residential have opened Watercrest Fort Mill – Indian Land Assisted Living and Memory Care. The community is located in Indian Land, approximately 20 miles south of Charlotte just across the North Carolina border. It features 75 assisted living units and 32 memory care units. General contractor Shiel Sexton built the community. It is the second senior living development partnership between Watercrest Senior Living Group and Waypoint Residential. The first project, Watercrest Newnan Assisted Living and Memory Care, recently …
ASHA, ProMatura Survey: Potential Residents Haven’t Changed Opinions of Seniors Housing During Pandemic
by Jeff Shaw
OXFORD, Miss., and WASHINGTON, D.C. — Despite a slew of bad press related to the ongoing COVID-19 pandemic, prospective residents and their families have largely not changed their opinion of seniors housing. That’s according to a new survey released by D.C.-based American Seniors Housing Association and Oxford-based research firm ProMatura. The survey polled prospective customers of 131 participating communities, all private-pay seniors housing. Respondents were over 75 years of age with an income over $35,000 per year living in one of 15 metropolitan areas. Of the respondents, 63 percent said …
Kayne Anderson Buys 34-Property Medical Office, Seniors Housing Portfolio from Welltower
by Jeff Shaw
BOCA RATON, Fla. and TOLEDO, Ohio — Kayne Anderson Real Estate has acquired 27 medical office buildings and seven seniors housing communities from giant REIT Welltower (NYSE: WELL). The medical office buildings are spread throughout the country, while the seniors housing communities are all located in Florida. MB Real Estate and Discovery Senior Living operate the portfolio. The price and details on the locations were not disclosed. “This portfolio is a very compelling addition to our platform — institutional-quality medical office buildings with long-duration leases and seniors housing assets with …
Claiborne Hires Executive Team, Opens Sales Office for Community Under Construction in Mississippi
by Jeff Shaw
GULFPORT, Miss. — Claiborne Senior Living has opened its sales office for The Claiborne at Gulfport Highlands in the coastal city of Gulfport. Scheduled for completion in 2021, the community will feature 70 assisted living residences and 30 memory care apartments. In preparation for the opening, Claiborne has named Chynna Hyde as executive director and Marissa Butterfield as community relations director. Hyde, who will oversee the community’s strategic direction and daily operations, has worked in health care on the Mississippi Gulf Coast for five years. Her expertise includes healthcare management, …