In the Pipeline: Senior Housing Construction Projects (1/8/15)

In the Pipeline: Senior Housing Construction Projects

Construction: Planned

CareTrust REIT Completes $7.5 Million Investment to Build Upscale Colorado Community

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CareTrust REIT, Inc. (NASDAQ: CTRE) announced today that is has completed a $7.5 million preferred equity investment with Signature Senior Living and Vancouver, Washington-based Milestone Retirement Communities.

The investment will be used to develop Signature Senior Living at Arvada, a planned 134-unit upscale assisted living and memory care community in Arvada, a suburb of Denver.

The community will be constructed on a five-acre site and is slated for completion in early 2016.

The equity investment delivers a 12% annual preferred return to CareTrust. After development, Milestone will manage the community to stabilization and then a Milestone operating entity, in which Signature is a participant, will operate the community under a long-term net lease.

Ohio Developers to Transform 150-Room Hotel into Assisted Living

Columbus-based Wallick Construction, a subsidiary of The Wallick Companies, plans to soon begin converting a 50-year-old hotel in Whitehall into an assisted living community, reports Columbus Business First.

The $10 million investment would transform a 150-room hotel sold by Sintel Hotel Group into 131 assisted living apartments, with a preliminary phase of construction anticipated for February and a completion expected in April or May 2016.

The Sintel property was sold to Whitehall Assisted Living, LLC, an affiliate of Wallick. Construction will be financed through 10-year financing commitments from First Merit Bank and the Ohio Housing Finance Agency.

Construction: In process

Erickson Living Expanding Ashby Ponds CCRC with New IL Building

The expansion plans continue at Ashby Ponds, an Erickson Living CCRC in Ashburn, Va. Come late summer, the community will introduce Magnolia Place, its fourth independent living building to open since 2012.

With four floors and 161,000-square-feet, Magnolia Place will include 83 independent living apartment homes, where residents will be able to choose from among 13 of Ashby Pond’s one- and two-bedroom floor plans.

Features of the new development include a covered, underground parking lot, large courtyard, pond and tree-lined views, and easy access to the community’s newest clubhouse, Great Oak, which will open in spring.

Additionally, amenities within individual apartments will include stainless steel kitchen appliances, granite countertops, open floor plans, and upgraded lighting and flooring options, as well as fully-sized washers and dryers.

Many apartments will also come equipped with an outdoor living space with a screened-in porch or patio, Erickson said in a news release on the project.

The architect for Magnolia Place is Baltimore-based firm Marks, Thomas Architects and the general contractor is Whiting-Turner.

Senior Lifestyle Corp. Adds to Florida Metro’s Growing Development Pipeline

A new senior living development from Chicago-based Senior Lifestyle Corporation is one of the latest projects currently under construction in Florida’s Lakewood Ranch area, reports the Bradenton Herald.

At 175,000-square-feet, Senior Lifestyle in Lakewood Ranch is one of the larger projects coming out of the ground in southeastern Manatee County. It is currently under construction in two phases by Starling Group, a builder based in Sarasota.

Scheduled to open during the first quarter of 2016, the first phase will consist of a four-story combined assisted living and memory care community, which will sit opposite from a four-story independent living residence.

Senior Lifestyle Corp. joins nearby communities in the area such as Windsor Reflections, which recently completed its new memory care wing in December, and Cypress Springs, a 123-unit rental independent living residence currently under construction.

InspiredLiving at Lakewood Ranch, built by Tampa-based Validus Senior Living, is another project that plans to open in the area next summer.

Meanwhile, in nearby Sarasota, Alabama-based developer Omega Communities is underway on building Fountains of Hope, a 90,000-square-foot assisted living and memory care facility on the Church of Hope campus.

Hawaii Preps Affordable Senior Housing Complex for March Opening

Kauai County is preparing to complete the first construction phase of a new affordable senior housing complex by March, according to the San Francisco Gate.

Rice Camp Senior Apartments has 60 units on two parcels of land behind the Lihue Fire Station. The complex has one two-story building and six single-story buildings.

Leveraging state low-income housing tax credits from Hawaii Housing Finance and Development Corp., Kauai County accumulated a total of about $15 million in credits and investment from private entities to fund the first phase of development.

EAH Housing, the project’s management company, is currently accepting applications for residents who must meet annual income restrictions of no more than $38,160 for a single person and $43,620 for two people.

Project partners for the Rice Campus Senior Apartments include Kauai County and Vitus Group, an affordable housing developer with offices is Hawaii, New York, San Diego and Seattle.

Construction Underway on Powell Senior Living

Denver-based Spectrum Retirement Communities is underway on building Powell Senior Living, a new community in Powell, Ohio, that aims to offer luxurious senior living at an affordable price.

Located in the retail district along Sawmill Parkway and Powell Road, the community will feature 126 independent living residences ranging in size from studio apartments to two-bedroom units.

Powell is Spectrum’s second community in Central Ohio and the third in the state. All residences are within a three-story, 131,000-square-foot community design.

Weis Builders is the general contractor for the project, designed by architectural firm Gastinger Walker Harden + BeeTriplettBuck + Kincaid Malone.

$10 Million MorningStar Senior Living Facility Coming to Albuquerque

Albuquerque’s Passeo del Norte corridor will soon be home to a $10 million assisted living facility from MorningStar Senior Living, reports Albuquerque Business First.

Local firm Bradbury Stamm Construction is underway on building the two-story, 65,000-square-foot facility on a 2.3-acre site between Wyoming Boulevard and Barstow Street.

The MorningStar development will consist of 69 units for assisted living and memory care, with amenities that will include a dining area, bistro, theater and salon.

Construction: Completed

Orlando Builders Near Completion of $16.5 Million Assisted Living Project

Avalon Park, a neighborhood in Orlando, Florida, is slated to open Encore Senior Living Facility and Memory Care Center early this year, reports the Orlando Sentinel.

The $16.5 million facility, being developed by Orlando-based general contractor Lamm and Co., includes 90 units, 60 of which are expected to serve memory care needs. At 100,000-square-feet, the community will employ a staff of about 70.

Tocci Building Companies Completes Construction of $15 Million Mass. Project

Tocci Building Companies, a Boston-area construction manager, announced this week it has completed the construction of the Lynnfield Initiatives for Elders, Inc. (L.I.F.E.) Colonial Village located in Lynnfield, Mass.

The $15 million community comprises seven buildings and totals 115,000-square-feet, and marks the third development in L.I.F.E.’s Lynnfield housing portfolio.

Settled on 6.5 acres, the development includes 12 town homes, 35 garden-style units, an underground parking garage and a high-end community clubhouse.

Each of the seven buildings feature a consistent facade and upscale interior finishes meant to create a strong sense of continuity throughout the development.

Townhomes and garden-style units range from 1,000- to 1,500-square-feet with prices between $261,500 and $425,000.

L.I.F.E. is a not-for-profit organization that develops residential units for individuals and couples older than 55.

Lantern Crest Senior Living Completes Phase II of Resort-Style Community

Lantern Crest Senior Living held a grand opening event this week to celebrate the completion of the second phase to its resort-style community in Santee, Calif.

Dubbed The Pointe at Lantern Crest, the second phase of development offers 19 assisted living and 83 independent living residences, as well a variety of amenities within its location framed by the Cuyamaca Mountains.

These include an upscale restaurant Terrazza, which has an outdoor dining terrace, and an on-site bar/grill named Latitude 32. The Pointe also offers a pool, jacuzzi, theatre, walking paths, miniature golf, swimming, a fitness center, salon and more.

The first phase of Lantern Crest, completed in May 2012, offers 80 assisted living and memory care residences.

Written by Jason Oliva

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