Virginia

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Affordable HousingDevelopmentNewsVirginia

PRC Plans Affordable Seniors Housing Redevelopment in Richmond

by Hayden Spiess

RICHMOND, Va. — People Restoring Communities (PRC), an affordable housing development firm, has acquired a residential building in downtown Richmond, with plans to redevelop the property as affordable seniors housing.  PRC is executing the project in a joint venture with The Delaine Cos. and in partnership with the Richmond Redevelopment & Housing Authority (RRHA). In 2022, RRHA acquired the property, Grace Street Apartments, later selecting PRC and The Delaine Cos. to lead the building’s rehabilitation.  PRC has now acquired the property through a ground lease with an upfront payment of roughly …

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The-Residence-Colvin-Run_Great-Falls-Va
AcquisitionsAssisted LivingMarylandMemory CareNewsVirginia

Cushman & Wakefield Brokers $89M Sale of Two-Property Portfolio in Maryland, Virginia

by Hayden Spiess

GREAT FALLS, Va. and QUEENSTOWN, Md. — Cushman & Wakefield has brokered the $89 million sale of a two-property seniors housing portfolio located in Maryland and Virginia. LTC Properties acquired the portfolio from Buvermo Investments, SHA Capital, Verity Commercial and INDIE.  Both assisted living and memory care communities, the properties include Queenstown Landing in Queenstown, Maryland, and The Residence at Colvin Run in Great Falls, Virginia. The communities were built in 2021 and 2022, respectively.  IntegraCare will continue to operate the properties on behalf of LTC.  Joshua Jandris, Brett Gardner, Robert …

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FinanceIndianaNewsSkilled NursingVirginia

MonticelloAM Provides $195.7M in Financing for Skilled Nursing Portfolio 

by Hayden Spiess

NEW YORK CITY — MonticelloAM, with firm affiliates, has provided $195.7 million in financing for a skilled nursing portfolio located in Virginia and Indiana.  The undisclosed borrower will use $184.7 million in bridge and mezzanine loans to refinance three skilled nursing facilities in Virginia and acquire four skilled nursing properties in Indiana. Together, the portfolio totals more than 900 beds.  Additionally, the financing includes an $11 million working capital line of credit, which will support the day-to-day expenses of the facilities.  “Skilled nursing operators who are expanding their portfolio need a …

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Aspire-West-End_Richmond-Va
FinanceIndependent LivingNewsVirginia

Bonaventure Launches $32M DST for Community in Richmond, Virginia

by Hayden Spiess

RICHMOND, Va. — Real estate investment firm Bonaventure has launched Aspire West End DST, a $32 million Delaware statutory trust (DST) offering investors fractional ownership in Aspire West End.  Located in Richmond, Aspire West End totals 148 independent living units. Amenities at the community include an indoor swimming pool, fitness enter, movie theater, salon and spa, art studio, meeting and game rooms, walking paths, outdoor patios, fire pit and gazebo areas, a bistro and private dining rooms.  Bonaventure developed the property in 2018 and has owned and operated the community since …

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Virginia-Portfolio
AcquisitionsNewsVirginia

SLIB Arranges Five-Property Portfolio Sale in Virginia

by Hayden Spiess

WHEATON, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a seniors housing portfolio located in Virginia.  Totaling 159 units across five assisted living properties, the portfolio is licensed for 267 beds.  Four of the communities are situated in northwest Virginia, with a fifth property in southwest Virginia. According to SLIB, most of the facilities were constructed in the 1990s.  Toby Siefert and Dave Balow of Illinois-based SLIB brokered the transaction. The seller was a local owner and operator retiring from the industry, and the buyer was a …

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Community_Roanoke-Va
AcquisitionsNewsVirginia

Marcus & Millichap Brokers Sale of Three-Property Seniors Housing Portfolio in Virginia

by Hayden Spiess

ROANOKE, BEDFORD and DANVILLE, Va. — Marcus & Millichap has brokered the sale of a three-property seniors housing portfolio in Virginia.  Located in Roanoke, Bedford and Danville, the portfolio totals 167 units and 295 licensed beds.  Justin Knapp and Joseph Knapp of Marcus & Millichap represented the seller in the transaction. Brian Hosey, Marcus & Millichap’s broker of record in Virginia, assisted in the sale. 

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AcquisitionsNewsVirginia

Bowery Investment Partners Acquires Three Communities in Virginia

by Hayden Spiess

BEDFORD, DANVILLE and ROANOKE, Va. — Bowery Investment Partners has acquired three senior living communities in Virginia.  The communities include Cardinal Senior Living at Bedford, Cardinal Senior Living at Danville and Cardinal Senior Living at Roanoke. Together, the properties total 164 assisted living and memory care units.  Moving forward, the communities will operate as Riverstone Senior Living at Bedford, Riverstone Senior Living at Danville and Riverstone Senior Living at Roanoke.  Viva Senior Living has been chosen to operate the communities on behalf of Bowery. 

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LifeSpire-of-Virginia-Rendering
CCRCDevelopmentFinanceNewsVirginia

Ziegler Closes $171M Financing for LifeSpire of Virginia

by Hayden Spiess

GLEN ALLEN, Va. — Ziegler has closed approximately $171 million in bond financing for Virginia Baptist Homes doing business as LifeSpire of Virginia. Based in Glen Allen, the nonprofit company owns and operates five continuing care retirement communities in Virginia.  LifeSpire’s properties include Lakewood in Richmond, The Culpeper in Culpeper, The Chesapeake in Newport News, The Glebe in Daleville and The Summit in Lynchburg. Together, the communities total 952 independent living, 225 assisted living, 108 memory care and 226 skilled nursing units.  Proceeds from the bonds will be used to refund …

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AgeWell_Harrisonburg-Va
NewsOperationsSouth CarolinaVirginia

AgeWell Senior Living Assumes Management of Seven Communities in Virginia, South Carolina

by Hayden Spiess

NORTH PALM BEACH, Fla. — AgeWell Senior Living has assumed the management of seven communities located in Virginia and South Carolina.  The properties include communities in Berryville, Fishersville and Harrisonburg, Virginia, as well as communities in Camden, Fort Mill, Harstville and Indian Land, South Carolina.  “We are excited to welcome these communities to AgeWell,” says David Mills, president and chief operating officer of Florida-based AgeWell. “This expansion reflects our commitment to thoughtful growth and our belief that strong community operations begin with exceptional resident and team member experiences.” Established in 2009, …

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Watercrest Fredericksburg
Assisted LivingDevelopmentMemory CareNewsVirginia

Watercrest Senior Living Group Opens 142-Unit Community in Richmond Metro

by Hayden Spiess

FREDERICKSBURG, Va. — Watercrest Senior Living Group, with partners Harbert Seniors Housing Fund II and Centric Development, has opened a new luxury senior living community in Fredericksburg, roughly 60 miles north of Richmond.  Totaling 142 units, Watercrest Fredericksburg Assisted Living and Memory Care opened in early April.  The community features 106 assisted living and 36 memory care apartments. As of mid-May, memory care units at the property were 55 percent occupied, and assisted living units were 35 percent occupied.  Watercrest began development of the community in fall 2024.  Watercrest and Harbert Seniors Housing …

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