Cornerstone Growth & Income REIT, Inc. recently announced that it finalized the purchase of a 91 unit, assisted living facility near the Highland Park area of northern Dallas, Texas. The property marks the first acquisition in the REIT and spotlights the strategic alliance that was formed between Cornerstone Real Estate Funds and Servant Healthcare investments. […]
Category: Development
Churches, such as First Lutheran Church in Sandpoint, Idaho, and their senior housing development partner Ecumen, see aging as an opportunity to help people live better and expand ministries. The two recently collaborated on Luther Park at Sandpoint, a new senior housing community that opened in December 2008. Ecumen, affiliated with the Evangelical Lutheran Church […]
Miller-Valentine Group recently announced the beginning of construction of Lyons Place Elderly Housing, a project with long-time partner, St. Mary Development Corporation (SMDC). Lyons Place will provide 67 affordable units (62,000 square feet) on SMDC’s existing Hoover Place campus at 1300 Genesis Way, Dayton, Ohio. These units are designed specifically for the lifestyle needs of […]
Ventas, Inc. (NYSE:VTR) (“Ventas” or the “Company”) announced yesterday that normalized Funds From Operations (“FFO”) for the year ended December 31, 2008 rose two percent to $2.74, from $2.69 for the comparable 2007 period. Normalized FFO for the year ended December 31, 2008 increased 16 percent to $383.2 million, from $330.6 million for the comparable […]
Birchez Associates LLC, announced the start of construction for of The Birches at Chambers, a $15 million, green-friendly 66-unit development for seniors. The new senior housing project will be LEED® certified and comprised 52 one-bedroom and 14 two-bedroom units. Eight of the units will be income directed and the remaining 58 units are set according […]
The Citi Foundation last month announced it is providing funding to local community development organizations in 20 urban communities across the country to support innovative, physical development and rehabilitation projects – known as “place-based initiatives” – that champion the long-term or large scale revitalization of low- and moderate-income communities. The Citi Foundation is offering the […]
Skilled Healthcare Group, Inc. (NYSE:SKH) announced its unaudited consolidated financial operating results for the three- and twelve-month periods ended December 31, 2008 with a net income of $10.3 million in the fourth quarter of 2008 and net income in 2008 of $37.2 million, or $1.01 per diluted share (full press release or 8-K). Revenues were […]
Dominium Development and Acquisition, LLC recently announced the completion of a major renovation of an aging apartment community designed specifically to serve seniors and disabled persons in need of affordable housing. Messenger Towers Senior Apartments was built in 1973 under the Section 8 project-based housing program. This federal housing program subsidizes rent for low-income residents […]
Management consulting and restructuring firm, FTI Consulting, is looking to add staff this year and specifically mentioned that senior housing companies will need assistance this year. The Reuters article talks in broad generalities around assisted living facilities and retirement homes without naming specific names. FTI is a top-tier management consulting firm with its root in […]
For those entrepreneurs that are looking for a small entry point into providing senior housing services, one route may be looking at taking a struggling or closed bed and breakfast and turning it into a small senior living facility. This type of facility may work well in high-density population areas where seniors are wishing to […]
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