Spectrum Retirement Communities, a Denver-based senior housing developer, owner and operator, is adding an extra 1,000 units to its portfolio by 2021 via a fund it is currently marketing to investors.
Spectrum Development Opportunity III has a minimum investment of $2 million, and Spectrum has already raised $60.5 million with a target of $100 million, according to a SEC filing. The firm has received equity commitments allowing it to reach its target, Spectrum said in a statement provided to Senior Housing News.
The equity will allow Spectrum to fund six to eight new developments in top U.S. Midwestern and Southwestern MSAs.
Four developments are on sites Spectrum already controls, in markets where it currently owns and operates communities: two in Chicago, one in Scottsdale, Arizona and another in Columbus, Ohio. Construction of these communities will commence in the first half of 2019.
Spectrum has 37 communities in 13 states totaling 4,700 units, and is in the midst of an aggressive expansion. the firm has 16 projects in its pipeline in Illinois, Indiana, Ohio, Arizona, New Mexico and Texas, President and CEO Brad Kraus told SHN in January.
With this new round of funding, Spectrum expects to expand its portfolio to 7,400 units by 2021.
Written by Chuck Sudo