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DevelopmentNewsVirginia

Trammell Crow to Develop 383,000 SF Seniors Housing, Medical Office Property in Metro D.C.

by Jeff Shaw

ALEXANDRIA, Va. — Trammell Crow Co. (TCC) plans to develop a 383,000-square-foot mixed-use development in Alexandria. Located at 765 John Carlyle St., the Class A project will include a 268,000-square-foot seniors housing property and a 115,000-square-foot medical office building. The buildings will be constructed above a common podium, offering a mix of retail uses and a 440-space parking garage. Construction is slated to begin in the third quarter of 2022 for completion by the end of 2024. The 18-story seniors housing building will include approximately 215 residences that will offer …

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AcquisitionsNewsSkilled NursingVirginia

Blueprint Brokers Sale of 120-Bed Carrington Place Skilled Nursing Facility in Rural Retreat, Virginia

by Jeff Shaw

RURAL RETREAT, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Carrington Place at Rural Retreat, a 120-bed skilled nursing facility in the western portion of Virginia, near the North Carolina and Tennessee borders. The property is a dually certified facility constructed in 2015. Census stabilized shortly after opening and the operator subsequently executed its below-market option to acquire the real estate. The operator then decided to exit and take advantage of Virginia’s red-hot acquisition market. The chosen buyer was an owner-operator based in the Northeast and …

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AcquisitionsMemory CareNewsVirginia

Blueprint Brokers $31M Sale of Memory Care Portfolio in Virginia

by Jeff Shaw

RICHMOND and VIRGINIA BEACH, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two memory care communities in Richmond and Virginia Beach ProMedica acquired the assets with ownership partner Welltower for $31 million. The seller was not disclosed. The portfolio included two fully stabilized communities that boasted high occupancy and above-market rates. The Memory Center Richmond consists of 48 units and opened in 2015 while The Memory Center Virginia Beach consists of 48 units and opened in 2008.

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CCRCDevelopmentNewsVirginia

Mather Launches Phase II Presales at Massive CCRC Project in Tysons, Virginia

by Jeff Shaw

TYSONS, Va. — Mather has started pre-sales for the second phase of The Mather, a Life Plan Community in Tysons, a suburb of Washington, D.C. The second phase is known as the South Building. The two high-rise buildings of the development include one with 186 apartments (Phase I, projected to open in 2023) and another with 114 apartments (Phase II, projected to open in 2024), which will be connected by a multi-story concourse with amenity spaces. Phase I is currently 80 percent pre-sold. Entrance fee pricing starts at $646,700, with …

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Affordable HousingDevelopmentFinanceNewsVirginia

EquityPlus Arranges $16M Bond Financing for Renovations to Shockoe Hill Senior Apartments in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — EquityPlus LLC has successfully sold $16 million in bonds issued by the Richmond Redevelopment & Housing Authority. Proceeds from the bond sale will finance renovations to the Shockoe Hill Senior Apartments, an affordable seniors housing complex owned by Capital Realty Group in Richmond. The financing will also fund a new community wellness center for its residents. The bonds were purchased in their entirety by Cedar Rapids Bank & Trust of Iowa ($10.5 million) and Capital Realty Group ($5.5 million). EquityPlus identified the buyers, coordinated closing and will …

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AcquisitionsNewsVirginia

Standard Communities Acquires 597-Unit Chesapeake Crossing in Virginia

by Jeff Shaw

CHESAPEAKE, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit mixed-income community for seniors in Chesapeake, located near the coast and the North Carolina border. The total capitalization of the transaction is approximately $68 million, including renovations and other costs. Standard is rebranding the property as Starling Village and plans to make $7.5 million in renovations. “With this acquisition, Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia,” says Scott Alter, principal and co-founder of Standard …

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DevelopmentNewsVirginia

Pembroke Realty Group, Beth Sholom Village Plan 156-Unit Community in Virginia Beach

by Jeff Shaw

VIRGINIA BEACH, Va. — Pembroke Realty Group and Beth Sholom Village have announced plans for a seven-story seniors housing community in Virginia Beach. The new building, which does not yet have a name, will feature 124 independent living apartments, 20 assisted living apartments and 12 memory support units. Kahler Slater Architects and CJMW Architecture designed the property, which is scheduled to open in fall 2023.

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CCRCDevelopmentNewsVirginia

The Virginian Begins $56.5M Renovation project in Fairfax, Virginia

by Jeff Shaw

FAIRFAX, Va. — The undisclosed owner of The Virginian, a senior living community in the Northern Virginia city of Fairfax, will break ground this Thursday on a $56.5 million renovation project. The 18-month renovation with “completely reimagine” the seven-story, 367,000-square-foot building. Following the project, the community will include four wings featuring 155 independent living apartments, 56 assisted living units and 38 memory care residences. Located on a 32-acre wooded campus just northeast of the city’s downtown are, The Virginian is one of the only senior living communities in Northern Virginia, according …

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Assisted LivingDevelopmentNewsVirginia

Silverstone, Watermark Open The Providence Luxury Community in Fairfax, Virginia

by Jeff Shaw

FAIRFAX, Va. — Silverstone Senior Living and Watermark Retirement Communities have opened The Providence, a luxury seniors housing community in the MetroWest neighborhood of Fairfax. The property features studio, one- and two-bedroom apartments offering services for assisted living, memory care and cognitive impairment. The number of units was not disclosed. Silverstone designed and developed the property, which Watermark will operate. The Providence features innovations that reduce or prevent transmission of viruses. These include an enhanced filtration and HVAC system, cold plasma bi-polar ionization, relative humidity levels of 40 to 60 …

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Assisted LivingDevelopmentNewsVirginia

Watercrest, Harbert Break Ground on 98-Unit Community in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Watercrest Senior Living Group and joint venture partner Harbert Seniors Housing Fund II have broken ground on Watercrest Richmond Assisted Living and Memory Care in Richmond. Trustmark Bank provided financing and EMJ Corp. is providing construction services for the 98-unit luxury senior living community. Completion is scheduled for summer 2022. Watercrest Richmond will feature 76 assisted living and 22 memory care apartments.

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