Washington, D.C.-based Capitol Seniors Housing remains committed to “going long” on new construction with the addition of a seasoned development team to execute its $200 million pipeline of projects slated for this year and 2015.
The company is looking to deploy between $100 million and $200 million toward the production of four to eight senior housing communities this year and next, Capitol Seniors Housing Managing Partner and Founder Scott Stewart told SHN.
The state-of-the-art developments will be in line with the company’s “strong suit” of assisted living communities that also contain a memory care component, usually a 75% to 25% split within a single building, Stewart said.
In March, Capitol Seniors Housing noted that a diminishing opportunity to acquire and reposition high quality distressed properties prompted the company to pursue other opportunities, namely new construction.
To further focus in on new construction, the D.C.-area company added Joe McElwee, Jim May and Dave Ennis—three “seasoned veterans” of senior housing development each with 20 years of experience.
May and Ennis, who joined Capitol Seniors Housing in January, and McElwee, who joined in April, all worked together at Sunrise Senior Living for more than 14 years and Shelbourne Healthcare Development Group for the last four and a half years.
May, Ennis and McElwee represent the development arm of the company, which comprises about 11 employees currently.
“These three comprise a very elite team and are the latest employees of Capitol Seniors Housing,” Stewart said. “That illustrates that we are long on development.”
The company plans to develop in markets nationwide, particularly those where there are strong fundamentals, Stewart said.
Currently, Capitol Seniors Housing has three projects under construction and one under development in markets including Torrance, California; Tampa, Florida; Marlboro, New Jersey and within the company’s backyard of Fairfax, Virginia.
The company’s development team will be in charge of finding new sites, taking plans through the various approval processes, monitoring construction and transitioning the development to Capitol Seniors Housing’s operations team.
Written by Jason Oliva