Colorado Real Estate Journal - January 6, 2016
A 9.1-acre site in Aurora is slated to become the future home of Villagio Senior Living of Aurora. The land, located at approximately 7401 S. Addison Court, recently was acquired by Choice Capital Partners for $1.4 million. Choice Capital Partners, a senior housing developer as well as an owner and operator based out of Oklahoma City, plans to develop 52 units of assisted living and 21 memory care units in a 76,464-square-foot building, according to a letter to the city of Aurora’s planning department. A second phase is anticipated to include 73 units of assisted living and eight units of independent living in cottages to the north of the site. The first phase is expected to open this year. Choice Capital operates multiple Villagio Senior Living communities in Oklahoma, Texas and Colorado. Steve O’Dell and Chris Cowan of ARA Newmark represented the buyer. Garrett Johnson of Cresa represented the undisclosed seller. “It is no secret that metro Denver is a great place to live and retire," stated Cowan. "With our growing senior demographics and tremendous in-migration, the demand for senior living is big and Villagio Senior Living is meeting it.” Other News MorningStar Senior Living plans to break ground this spring on a new senior living community at West 64th Avenue and Easley Road in Arvada. Doors will open to residents in fall 2017. MorningStar Senior Living of Arvada represents the sixth joint venture between affiliates of MorningStar Senior Living, a Denver-based senior living developer and operator, and Confluent Development, a Denver-based investment firm. The community, MorningStar’s 16th ground-up development, will feature 71 suites for independent living, 41 suites for assisted living and 29 suites devoted to individualized care for residents with Alzheimer’s disease and other memory impairments, on 4.5 acres. “We’re excited to bring an offering to Arvada seniors and their families unlike anything else in the area. MorningStar of Arvada will be an artfully designed, state-ofthe-art community incorporating the latest technology and boasting beautiful grounds and amenities, all in a convenient location right on 64th Avenue. We can’t wait to Choice Capital Partners acquires Aurora site for $1.4M serve seniors in this beautiful new home,” said Matt Turner, chief financial and development officer for MorningStar. “With Arvada's continued growth, developing a senior living center with first class amenities and resort-style living was a natural next step for the partnership between Confluent (formerly MVG) and MorningStar. We truly look forward to expanding upon our success by delivery a unique and best-of-class senior housing community in Arvada,” added Marshall Burton, president of Confluent Development. MorningStar of Arvada will provide studio, one-bedroom and two-bedroom suites, ranging from 340 to over 1,200 square feet, on two stories for assisted living and three stories for independent living. The community also will feature 24-hour staffing, full-time licensed nurses, restaurant-style dining, a pool, spa, 24-hour bistro, fitness center and theater/chapel, for example. The architect for the project is Rosemann & Associates. The Wolff Co. announced plans to develop six senior living apartment communities in the first quarter of 2016, including one in Colorado Springs. The project represent the first of a large investment anticipated to be made in the independent and assisted living market by the Scottsdale, Arizona-based private equity firm. The Colorado Springs facility will comprise 160 units and be located at Tutt Boulevard and South Carefree Circle. Balfour at Riverfront Park, a senior living community in downtown Denver, announced that it was recently awarded the Grand Award for a Senior Living Community from Hanley Wood. The award was presented during the recent Multifamily Executive Conference in Las Vegas, where two executives and 31 project winners from across the nation were honored. Balfour at Riverfront Park, which opened in October 2014, is located across from Commons Park, at the base of the iconic Millennium Bridge. The community provides independent living, assisted living and memory care in a setting that combines the amenities of a four-star hotel with the comforts of a carefully designed residential setting.