CARY, N.C. — Real estate developer HHHunt has started construction of Spring Arbor of Cary, an 80-unit assisted living and memory care community in the Raleigh suburb of Cary. Development costs are estimated at $23.2 million.
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ANNAPOLIS, Md. — The average occupancy rate for independent living and assisted living properties in the second quarter of 2016 dropped to 89.7 percent, as new inventory outpaced absorption of units, according to a quarterly report from the National Investment Center for Seniors Housing & Care (NIC).
CHICAGO — Giant seniors housing REIT Ventas (NYSE: VTR) has agreed to acquire all the life sciences and medical real estate assets of Wexford Science & Technology for $1.5 billion. Wexford will continue to operate the portfolio, which includes 25 Class A properties totaling 4.5 million square feet.