STERLING, Va. — Greysteel has arranged the sale of Cascades Village Senior Apartments, a Low-Income Housing Tax Credit (LIHTC) property in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 under the LIHTC. Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange a senior loan provided …
News
PASCO, Wash. — Blueprint Healthcare Real Estate advisors has arranged the sale of Tri-Cities Retirement Inn, an 82-unit assisted living and memory care community in Passco, located in the southeast portion of Washington state. A Washington-based owner-operator acquired the property for an undisclosed price. First Interstate Bank provided acquisition financing at an 85 percent loan-to-value ratio. The seller was not disclosed.
NASHVILLE, Tenn. — Unigue, a Nashville technology provider and the parent company of seniors housing tech platform Touchtown, has acquired Visitor & Community Television Corp. (VCTV), which specializes in communication technology. The combined VCTV and Touchtown team will operate under the Touchtown brand led by current senior vice president of senior living Mike Rethage. VCTV’s technology solutions will be merged with Touchtown’s, providing a product range including mobile community apps, resident room entertainment, common room technology and support services.
Watercrest Hires James Brassard as Executive Director of Palm Bay Memory Care in Florida
by Jeff Shaw
PALM BAY, Fla. — Watercrest Senior Living Group has hired James Brassard as executive director of Palm Bay Memory Care, a 72-unit memory care community approximately 70 miles southeast of Orlando. Brassard is experienced in senior living start-ups and turn-around communities and has received the FALA Sales and Marketing Director of the Year award. A combat veteran who served in both Afghanistan and Iraq, Brassard received his M.B.A. from Gulf Coast University and continues to serve his local community as a college professor.
OVERLAND PARK, Kan. — Village Shalom, a continuing care retirement community in the Kansas City suburb of Overland Park, has opened a four-story apartment building at the property. The 76-unit independent living building is part of a $42 million expansion project. The full project, which broke ground approximately two years ago, already added 48 memory care units, and 24 rehabilitation suites are currently under construction. In addition to the new independent living units, the completed building includes a first-floor amenity corridor named Main Street.
OWNINGS MILLS, Md. — Senior Lifestyle has unveiled renovation plans for Atrium Village, an independent living, assisted living and memory care community in the Baltimore suburb of Ownings Mills. The multi-million-dollar project is planned in phases, starting with exterior and façade improvements. Phase II will renovate the lobby, corridors, elevators and unit interiors. Atrium Village’s community spaces will also be updated, including its two restaurant-style dining venues and a multi-purpose room. An additional bistro-style dining venue is planned. The project is scheduled for completion in summer of 2021.
WASHINGTON, D.C. — The American Seniors Housing Association (ASHA), in partnership with Seniors Housing Business, has released the 2020 edition of the ASHA 50, which ranks the 50 largest owners and operators in the U.S. seniors housing space. Based in Washington, D.C., ASHA is a trade association that advocates for and represents companies that develop, own, operate and finance seniors housing. The ASHA 50 rankings are based on self-reported portfolio sizes, ranked by total number of units, as of June 1, 2020. Data was also used from other reliable sources, …
High Street Residential Completes Avidor Minnetonka Active Adult Community in Minnesota
by Jeff Shaw
MINNETONKA, Minn. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Minnetonka, a 168-unit active adult community in Minnetonka. Allegro Management Co. operates the six-story community, which will welcome its first residents later this month. Units are restricted for those over age 55. “There was a shortage of adequate for-rent 55+ seniors housing options in Minnetonka,” says Mary Boehlmer, a senior associate with High Street Residential. “Avidor Minnetonka serves the baby boomer’s growing desire to live in an urban environment, makes economic sense by offering affordable …
COLUMBUS, Ohio — Lancaster Pollard Mortgage Co., a Columbus-based division of ORIX Real Estate Capital (OREC), has promoted several employees to expand its seniors housing and healthcare production team. As announced this past spring, Aaron Becker is the chief production officer and East team leader for the firm. Fellow Lancaster Pollard veterans Casey Moore, Doug Harper and Quintin Harris also expanded their leadership roles, with Moore and Harper leading the West, and Harris leading the Midwest. In the East, Michael Blackwell has joined Becker’s team and will be responsible for …