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AcquisitionsAffordable HousingCaliforniaNews

CPP Acquires 102-Unit Corinthian House Affordable Community in San Jose

by Jeff Shaw

SAN JOSE, Calif. — Community Preservation Partners (CPP) has purchased Corinthian House, an affordable seniors housing property in San Jose. CPP’s total development investment is approximately $38 million, which includes the purchase price of $21 million and an estimated per-unit renovation cost of $85,000. Built in 1982, Corinthian House comprises two elevator-served, three-story buildings on 1.7 acres. Located at 250 Budd Ave., the 102-unit property offers studio and one-bedroom layouts designated for seniors age 62 and older earning between 30 and 60 percent of the area median income. Planned renovations …

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NewsOklahomaOperations

Blueprint Negotiates Re-Tenanting of Vacant Asset Near Tulsa for Behavioral Health Conversion

by Jeff Shaw

TULSA, Okla. — Blueprint Healthcare Real Estate Advisors has negotiated a new tenant a vacant seniors housing asset in the Tulsa area. The owner, a national REIT, is seeking to convert the asset into a behavioral health property. Ultimately, a large regional substance abuse and inpatient mental healthcare operator was selected as the ideal tenant for the asset based on lease terms and execution capability, according to Blueprint. Andrew Sfreddo, Shane Harmon and Gunnar Raney led the Blueprint team.

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Affordable HousingAssisted LivingDevelopmentIndianaNews

Evergreen Real Estate Group Completes $30M Assisted Living Community in Valparaiso, Indiana

by Jeff Shaw

VALPARAISO, Ind. — Evergreen Real Estate Group has completed Green Oaks of Valparaiso, a $30 million assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana.  The three-story project includes 120 units and is located at 2550 W. Morthland Drive. All residences are reserved for seniors age 62 and older, with incomes at or below 60 percent of the area median income. A financial assistance program is available for qualified applicants. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as the general contractor on …

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Active AdultDevelopmentNewsTexas

Grace Management Opens The Lakes at Woodhaven Village Active Adult Community in Conroe, Texas

by Jeff Shaw

CONROE, Texas — Grace Management Inc., a subsidiary of CPF Living Communities, has opened The Lakes at Woodhaven Village, an active adult community in the Houston suburb of Conroe. This is Grace’s first active adult community, as the company traditionally focused on seniors housing. The 130,000-square-foot community is situated on approximately five acres and totals 115 units. Padua Realty Co. is developer on the project, and its affiliated construction company Dorado Builders was the general contractor. Other project partners include Investwell Architects, Lizabeth Jones Interior Design, and Jordan and Skala …

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Affordable HousingDevelopmentNewsWisconsin

Jewish Family Services to Break Ground on 56-Unit Woodale Crossing Affordable Community in Brown Deer, Wisconsin

by Jeff Shaw

BROWN DEER, Wis. — Jewish Family Services Inc. has broken ground on Woodale Crossing.  The 56-unit affordable and supportive seniors housing community will be located in Brown Deer, a northern suburb of Milwaukee. Of the total units, 25 percent will be reserved for persons with disabilities who are in need of support services.  Residents will have access to onsite supportive services that include socialization and skill-based programming, social services and independent living support services.  Jewish Family Services has a subsidiary, JFS Housing Inc., which develops affordable housing.

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NewsPeople

Lifespace Communities Hires Maria Mercer as Vice President, Human Resources

by Jeff Shaw

DALLAS — Lifespace Communities has hired Maria Mercer as vice president, human resources.  In this newly restructured role, Mercer will provide comprehensive human resources leadership to support Lifespace. Mercer previously worked for Hewlett Packard and Electronic Data Systems. Most recently, she served as vice president, global human resources and mergers and acquisitions at global tax firm Ryan.

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Assisted LivingDevelopmentNewsWashington

Koelsch Nears Completion of $93M Belle Harbour Project in Bellevue, Washington

by Jeff Shaw

BELLEVUE, Wash. — Koelsch Communities has neared completion of Belle Harbour, a seniors housing community in Bellevue, a suburb of Seattle. The developer expects to open the $93 million project this summer. The campus comprises The Park at Belle Harbour, an assisted living community, and The Inn at Belle Harbour, a dedicated memory care community. Encompassing nearly three acres, the boutique campus features 145 suites across both buildings, with the assisted living community containing 73 private studios, one-bedroom and two-bedroom units. The memory care building has 72 suites ranging from …

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Active AdultDevelopmentNewsSouth Dakota

GSI Opens 133-Unit The Parkwood Active Adult Community in Sioux Falls, South Dakota

by Jeff Shaw

SIOUX FALL, S.D. — GSI has opened The Parkwood, a 133-unit active adult community in Sioux Falls, near both the Iowa and Minnesota borders. GSI began preleasing units at The Parkwood in 2023. GSI and its stakeholder team serve as The Parkwood’s developer, property manager and co-owners in partnership with financial partners. GSI is a an affiliate of Transforming Age, a national nonprofit organization serving older adults. Omaha-based Ronco Construction was the builder on the project.

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AcquisitionsCCRCMassachusettsNews

ESI Arranges Sale of Shrewsbury Campus CCRC in Massachusetts

by Jeff Shaw

SHREWSBURY, Mass. — Evans Senior Investments (ESI) has arranged the sale of the Shrewsbury Campus, a continuing care retirement community (CCRC) in Shrewsbury, a suburb of Worcester.  Shrewsbury Campus was built in phases between 1969 and 1986. The community comprises Southgate at Shrewsbury for private-pay senior living, Shrewsbury Nursing & Rehabilitation for skilled nursing and a group of medical office buildings named Shrewsbury Medical Center. Southgate at Shrewsbury and Shrewsbury Nursing & Rehabilitation offer a combined total of 171 independent living units, 60 assisted living units and 99 skilled nursing …

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Active AdultFeaturesInvestmentNews

InterFace Panel: Active Adult Investors Love the Sector, Even As it Stays Niche

by Jeff Shaw

DALLAS — While active adult has certainly gained a much higher profile in the last decade, it’s still seen by most as a niche — and perhaps mysterious — segment of commercial real estate.  Many multifamily investors may be scared off by the slow lease-up and smaller potential resident pool, while private-pay seniors housing owners scoff at the comparatively lower rents. As the 55-plus rental model is one of the newest types of real estate, many of active adult’s advocates on the investment side say educating potential buyers is an …

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