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Evergreen Secures Financing for Affordable Assisted Living Community in Indiana
Evergreen Real Estate Group has secured financing for Green Oaks of Valparaiso, a three-story, 120-unit assisted living community meant for low-income older adults in Valparaiso, Indiana.
The $30 million project is planned to include 48 studio and 72 one-bedroom apartments for older adults who are 62 or older and have incomes at or below 60% of area median income. The community will also offer financial assistance for residents who qualify.
Amenities include a community room with a kitchen, media and theater room, computer room, meeting room, fitness center, salon, library, community garden and an outdoor area with a pond, courtyard and pavilion.
The community will seek licensure as a residential care facility from the Indiana Department of Health and approval to provide assisted living Medicaid waivers from the Indiana Family and Social Services Administration.
Gardant Management Solutions is slated to manage the community.
Construction: In progress
Arrow Senior Living Plans Kansas Expansion
Arrow Senior Living is entering the state of Kansas with a new community in Wichita.
The operator has announced plans for The Rushwood, a 168-unit independent living, assisted living and memory care community with villas and apartments. The 12-acre development is the first Arrow community in Kansas, and is coming together as part of a larger mixed-use commercial development called Reed’s Pointe.
Site work for the project has already begun. If all goes according to plan, the community is slated to welcome residents in 2023.
Other noteworthy projects include:
— Plans are advancing for a sprawling development that includes an assisted living community, rental housing and for-sale duplexes in Washtenaw County, Michigan.
— An office building in Park Ridge, Illinois, may be replaced by an assisted living community under a new proposal.
— Arden, an active adult community brand affiliated with Maryland real estate investment firm Buvermo Investments, is expanding in the Charlotte, North Carolina, area with four new developments.
— A senior living community in Altoona, Pennsylvania is planning a $35 million expansion.
— A new 216-unit senior housing community is in the works in Hutton, Texas.
— A former hospital in Amarillo, Texas, is being turned into a 140-unit community geared toward affordable senior housing.
— Blake Management Group has opened a new senior living community in Winter Park, Florida.