Ecumen has announced that it plans to develop senior housing in a new multi-generational community in the Memphis, Tennessee area with Edward Rose. The plan is to develop and manage 140 senior housing apartments in the new community project known as Irene Woods. The project will have 80 units designated as independent living, 30 as assisted living and an additional 30 units for memory care. The entire project will have 432 non-age-restricted units in additional to the 140 senior units. Groundbreaking on the project is anticipated for June 2011, with phase one units available in August 2012.
“We’re actively looking for new senior housing opportunities,” said Warren Rose, Edward Rose’s Chief Executive Officer. “The senior housing industry is quite complex, so we’re happy to partner with Ecumen’s solid track record of success.”
“We are excited to develop the senior housing element of this multi-generational community,” according to Dana Wollschlager, Ecumen’s Director of Real Estate Development. “Together we’re bringing a unique product to the Memphis housing market, one which offers vibrant community living for people of all ages.” The apartments for seniors will be available on a monthly, market-rate rental basis, with the ability to increase the level of care and services as residents’ needs change over time.