Maristone Senior Living, a senior living provider headquartered in Nashville, announced that it has established a division to raise capital for future construction projects of senior living facilities in the underserved areas around Middle Tennessee. Maristone thinks that Middle Tennessee is an attractive place for retirees because of its amenities, natural beauty, low cost of living and no income state tax.
Maristone is on schedule to open the first of its properties, The Maristone of Franklin (Tennessee), later this year and is currently breaking ground on a second community, The Maristone at Providence, in Mt Juliet. However, negotiations are in the works for five other projects which have capital needs. Individually properties will range in
price from $6.5 million to $8.25 million with square footage from 36 thousand feet to 48 thousand square feet. They will offer luxury living in 54 to 64 suites, a secure Alzheimer’s/memory Care Community and adult day services.
“With the great opportunity that exists today, as part of the explosive growth of seniors needing adequate housing to serve their special needs, we are seeking additional capital for Maristone,” says Gaius Hill, director of real estate and development for Maristone. “Economists project that, even in this downturn, 2-4 million baby boomers will resettle in Middle and Eastern Tennessee in the next ten years and they will all need housing. This is the best time in history to build and operate these facilities.”