NHI, Bickford Senior Living Breaking Ground on Five New Projects
National Health Investors, Inc. (NYSE: NHI) last week announced that its joint venture with Olathe, Kan.-based operator Bickford Senior Living will develop five senior housing communities in Illinois and Virginia.
Each community will consist of 60 private-pay assisted living and memory care units managed by Bickford Senior Living, and are expected to yield double-digit returns at stabilization, NHI stated in a release.
Constructed is slated to start in early 2015 with openings planned for 2016. The total estimated project cost is $55 million.
The five communities are part of the previously announced agreement between NHI and Bickford Senior Living to construct eight communities, three of which opened in Indiana in 2014.
Once completed, the NHI-Bickford joint venture will comprise 36 communities in eight states. Construction will be funded with borrowings on NHI’s revolving credit facility.
West Cobb Senior Living Plans Community For Marietta, Ga.
West Cobb Senior Living plans to build an independent and assisted living community to be located in the West Cobb area of Marietta, Ga., with an expected construction date for the second quarter, the company told SHN in an email.
Zoning approval for the forthcoming project, dubbed Sterling Estates of West Cobb, was received in October 2014 from the Cobb County Board of Commissioners.
A two-story, 90-unit assisted living building will sit on approximately 24 acres that will also house cottages, garden homes and attached flats available for independent couples and individuals, the company said.
A Wellness Center, indoor heated pool, walking trails and a centrally located Clubhouse will also be featured on campus.
Sterling Estates of West Cobb will be the second Sterling Estates community developed in Greater Atlanta by the same ownership group of West Cobb Senior Living. In August 2012, Sterling Estates of East Cobb opened on 10 acres and has 14 independent living cottages and an 88-unit assisted living residences.
An affiliate company, Autumn Glen Management Group, will manage and operate the community upon completion
Embree Healthcare Group to Develop New Transitional Care Facility in Colorado
Torrance, Calif.-based Welbrook Senior Living has tapped Embree Healthcare Group to develop a new transitional care facility in Grand Junction, Colo.
The facility, for which developers plan to break ground in the second quarter, will offer 50 private rooms for patients and create nearly 100 new jobs in Grand Junction.
Embree Healthcare Group is part of the Embree Group of Companies headquartered in Georgetown, Texas. To date, the Embree team has developed, built or transacted more than 10,000 assets in all 50 states and Canada with a total market value in excess of $10 billion.
Westminster Communities of Florida to Begin Work on New Apartments
Westminster Communities of Florida has chosen Winter Park, Fla.-based Walker & Co. Inc. to assist in the building of a new five-story, 165-unit independent living apartment complex near downtown Orlando, reports Orlando Business Journal.
Construction is expected to begin in August on the first phase of the new Westminster Baldwin Park complex, which will feature 80 one-, two- and three-bedroom apartment homes.
The senior living development will be located just south of the Baldwin Park VA Medical Center.
Vegas Developer to Convert Alabama Hotel into Senior Apartments
Las Vegas developer Techwise International, Inc. plans to transform the former Alta Vista Hotel & Conference Center in Birmingham, Ala. into 113 apartment units for local seniors, reports Birmingham Business Journal.
The 100,000 sq. ft., seven-story hotel was built in 1978 as a Hilton Garden Inn before it was renovated and occupied by BellSouth in the 1990s, who then later sold the building and converted it back into a hotel.
Techwise, which has already put $1.5 million into the pre-development of the senior living complex, plans to invest $4 million to $4.5 million into the revocation, which could be completed by 2016.
Total investment into the project is estimated between $7 million and $8 million.
Construction: In process
Ground Broken on Two MorningStar Senior Living Communities
Denver-based MorningStar Senior Living has broken ground on two new assisted living and memory care communities in Wheat Ridge, Colo. and Albuquerque, N.M.
MorningStar of Wheat Ridge, a $15 million project, broke ground in December and is currently anticipated for an opening later this year. An information center will open on site in April, with doors opening to residents in December 2015, the company said in a release.
The community, which sits on two acres, features 45 suites for assisted living and 19 memory care suites devoted to residents living with Alzheimer’s Disease or other memory impairments. Unit sizes range from studio, one- and two-bedroom suites, ranging from 360- to 800-sq. ft.
Development of the property in the northern suburb of Metro Denver is a joint venture between affiliates of MorningStar Senior Living and Denver-based investment firm Millennium Venture Group. Rosemann & Associates, also of Denver, is the architect for the project; the interior designer is Thoma-Holec Design of Phoenix, Ariz.; and the builder is Catamount Constructors.
Also slated for a December 2015 opening, MorningStar of Albuquerque is another assisted living and memory care community under construction from the company.
Like the Wheat Ridge project, MorningStar of Albuquerque is another joint venture between affiliates of the company and Millennium Venture Group. Rosemann & Associates is also serving as architect on this project, along with Thoma-Holec Design. The builder for the property is Bradbury Stamm, which is based in Albuquerque.
The new community on 2.3 acres is MorningStar’s 14th ground-up development, featuring 48 assisted living suites and 21 suites for memory care. MorningStar of Albuquerque will provide studio, one- and two-bedroom suites ranging from approximately 350 to 800 sq. ft. on two stories.
For both communities, residents will be able to enjoy meals prepared by an Executive Chef in restaurant-style dining, 24-hour bistros, health and wellness facilities, planned activities and outings daily, a movie theater, a salon, housekeeping and linen service, along with concierge and scheduled transportation.
Dominion Partners Begins Phase II of $25 Million Senior Living Development
Birmingham, Ala.-based developer Dominion Partners LLC has broken ground on the second phase of Somerby of Peachtree, a senior living development in Peachtree, Ga., reports Birmingham Business Journal.
The $25 million project follows Phase I of development, which included construction of 72 assisted living and memory care apartments.
Phase II, on the other hand, will sit on 13 acres and will include a four-story building with 101 one- to three-bedroom independent living units.
Housing Trust Group Completes $15 Million Affordable Senior Housing Project
Miami-based affordable housing developer Housing Trust Group this week announced the completion of Village Place Apartments, a new $15 million senior housing community in Fort Lauderdale, Fla.
The 112-unit community for adults ages 55 and older is a mid-rise apartment complex sitting just blocks from the Las Olas Boulevard area in downtown Fort Lauderdale.
Located in the Flagler Village urban redevelopment area, Village Place Apartments includes a mix of 82 one-bedroom/one-bath units and 30 two-bedroom/two-bath units, with best-in-class amenities such as granite countertops and split-level designs included.
Designed and constructed to be designated a Green building in line with the National Green Building Standards, Housing Trust Group also outfitted the community with a variety of eco-friendly features such as low-flow plumbing fixtures, low-VOC paint, Energy-Star qualified appliances and windows, and energy efficient HVAC systems.
The apartment community includes a gated entrance, community center with computers and Wi-Fi access throughout, swimming pool and fitness room with exercise equipment. Residents will also have access to The Wave Modern Streetcar transit system that is scheduled to open in 2017.
In financing the project, U.S. Bank provided $38.6 million through its community development subsidiary, including a $13.2 million construction loan; a $3 million permanent financing loan; and $22.4 million of Low-Income Housing Tax Credit equity from U.S. Bancorp Community Development Corporation, awarded by Florida Housing Finance Corporation. The project also included $125,000 of funding from Broward County Housing.
Miami-based firm Sotolongo Salman Henderson served as the architect of the development. Village Place Apartments is already 100% leased.
Provision Living Opens New Assisted Living Community in Southern Ill.
St. Louis-based operator Provision Living, LLC, is now operating a new assisted living community that recently opened for business in Sparta, Ill.
Cedarhurst of Sparta this week welcomed 16 of the 30 residents who have already made pre-deposits on the community’s apartments prior to its opening.
The community features 50 assisted living apartments consisting of one- and two-bedroom units ranging in size from 529 sq. ft. to 805 sq. ft. All apartments feature private bath and showers, kitchenettes, spacious closets, individual climate control and all utilities except personal phones. The community also offers a select number of two-bedroom deluxe apartments with full kitchens and living rooms.
Community amenities featured within Cedarhurst of Sparta include a large common area for activities, a library, salon and spa, movie theater, exercise rooms, a large dining area and a separate private dining room for smaller groups.
Additional amenities and services that will be offered include a 24-hour beverage bar, home-cooked meals, weekly housekeeping and linen service, expanded TV cable, maintenance and groundskeeping service, scheduled transportation to doctors appointments, shopping and outings, as well as planned group activities and special events.
Cedarhurst of Sparta joins several other Cedarhurst communities operated by Provision Living in the nearby towns of Shiloh, Edwardsville and Collinsville.
AEW Capital, Balfour Senior Living Open $78 Million Denver Community
A joint venture between Boston-based AEW Capital Management L.P. and Colorado-based regional owner-operator Balfour Senior Living has opened its previously announced $78 million senior community in Denver, reports BusinessDen.
The five-story, 275,000 sq. ft. community threw a grand opening ceremony this week. Though it welcomed its first residents in October, the community’s assisted living and memory care facilities have yet to open.
Of the 205 apartments, unit mix breaks down into 112 independent living; 65 assisted living and 28 memory care residences. The assisted living and memory care segment is currently pre-leasing and Balfour expects residents will begin moving in this March.
The project was financed with an investment AEW Capital Management and a construction loan from Prudential. New York-based firm Robert A.M. Stern Architects and Klipp Architecture designed the building, while JE Dunn Construction was the general contractor.
New Jersey Providers Partner to Open New Rehabilitation Center
The Allendale Community for Senior Living and Rehabilitation Center, located in Allendale, N.J., has partnered with Kessler.Core of West Orange, N.J., to open a newly expanded and updated post-acute rehabilitation center.
The new 2,000 sq. ft. Allendale Community Rehabilitation Center is focused on helping clients aged 18 and older bridge the gap between hospital and home. Its comprehensive renovation was designed to modernize the 60-bed center and enable the highest level of care.
Treatment modalities included at the Center include “Wii-Hab” games to build arm strength, improve range of motion and enhance hand-eye coordination; NuStep recumbent cross trainers for strength building and cardiovascular fitness; SCIFIT equipment to assist clients progress through cardiac and pulmonary rehabilitation; whirlpool therapies; and ergometers to improve upper-body conditioning.
The Center features private and semi-private rooms, restaurant-style dining with chef-prepared meals, individual and group leisure activities.
Kessler.Core, in affiliation with the Kessler Institute for Rehabilitation, provides on-site skilled therapists offering a range of inpatient services, including acute orthopedic and neurological rehabilitation, as well as physical, occupational and speech therapies.
Written by Jason Oliva
Companies featured in this article:
AEW Capital Management, Allendale Community Rehabilitation Center, Autumn Glen Management Group, Balfour Senior Living, Bickford Senior Living, Bradbury Stamm, Catamount Constructors, Dominion Partners, Embree Healthcare Group, Housing Trust Group, JE Dunn, Kessler.Core, Klipp Architecture, Millennium Venture Group, MorningStar Senior Living, National Health Investors, Provision Living, Robert A.M. Stern Architects, Rosemann & Associates, Sotolongo Salman Henderson, Techwise International, Thoma-Holec Design, Walker & Co., Welbrook Senior Living, West Cobb Senior Living, Westminster Communities of Florida