Earlier we looked at some of the latest acquisitions that have taken place in senior housing as providers and investors continue to take advantage of low interest rates to purchase additional properties for their portfolios. However, investments and acquisitions aren’t the only transactions that providers have been engaging in during the year’s final quarter. Industry members have also been ramping up construction of new developments in an effort to meet the country’s growing demand for senior housing services. Accordingly, senior housing participants that are seeking capital for growth should contact Cambridge Realty Capital to learn more about the many different financing options that it offers for a wide variety of senior housing transactions.
Construction Ramps Up in the West and Southwest Regions
In Northern California, PDC Capital Group LLC has announced that it plans to begin construction on three new assisted living and memory care communities, with all three of them being placed under PDC’s SummerPlace banner. The first community will be the $27.5 million facility, SummerPlace Westgate. SummerPlace Westgate will be located in West Sacramento, construction is slated to begin in March 2015 and its grand opening is scheduled for June 2016. SummerPlace Westgate will add 174 assisted living and memory care units to the area and will have 205 beds to offer residents.
The second community will be the $28.1 million facility, SummerPlace Kern Canyon. SummerPlace Kern Canyon will be located in Stockton, construction is slated to begin in June 2015 and its grand opening is scheduled for September 2016. This community will add 130 assisted living and memory care units to the area.
The third and final community that PDC currently plans to build in the region is the $22.8 million facility, SummerPlace Citrus Heights. Construction on SummerPlace Citrus Heights is scheduled to begin in July 2015 and PDC expects it to be completed by October 2016. SummerPlace Citrus Heights will add 109 units to the region for seniors to enjoy.
Meanwhile, over in Texas, Fort Worth-based Civitas Senior Living has announced that it will begin construction on the senior apartment community Ledgestone Senior Living next June. Trepex Construction Inc. will spearhead the facility’s development and upon its completion, Ledgestone Senior Living will have 120 independent living apartments, 60 assisted living units, and 10 private and semi-private memory care cottages to offer seniors in the area. It will also have many attractive amenities, such as a gym, pool, spa, clubhouse, wellness center and walking trails. Civitas Senior Living already operates multiple communities throughout Texas and has future projects in the works in other areas of the state as well. The combination of its experience as an operator and Trepex Construction’s skills as a developer has its management team very excited about the potential for Ledgestone Senior Living to offer its future residents an outstanding place to live, while generating strong returns for Civitas Senior Living at the same time.