CREJ - Healthcare Properties - October 2017
Construction Starts A groundbreaking ceremony was held June 20 for Jackson Creek Senior Living, a 27-unit independent living, 80-unit assisted living and 30-unit memory care property in Monument. The general contractor is CSI Construction and the architect is Kephart. The property is owned by Jackson Creek Senior Living LLC and will be managed by WellAge Senior Communities. The property is expected to open in August. Inland Group began construction in August for Traditions at Colorado Springs, a 180-unit, age-qualified, income-restricted apartment property. The architect is The Architects Office and the general contractor is Brinkman Partners. The property will be managed by FPI Management Inc. The property is expected to open in December 2018. The Lodge at Ken Caryl Senior Living Center, a 27-unit independent living, 76-unit assisted living and 36-unit memory care property in Ken Caryl, began construction in August. The architect is MCG Architecture and the general contractor is Petra Custom Builders. The property will be owned by Rocky Mountain Senior Housing and will be managed by WellAge Senior Communities. The property is expected to open in 2018. Village at Westerly Creek, an existing age-qualified, income-restricted apartment community funded with 9 percent tax credits, has begun construction on a third phase of development in August. Village at Westerly Creek Phase III will include a total of 24 age-qualified rental units restricted at 30 percent, 40 percent and 60 percent area median income. The architect is Studio Completiva and the general contractor is B.C. Builders LLC. It will be owned and managed by the Aurora Housing Authority. It is expected to be completed in late 2018. Openings Cherry Hills Assisted Living and Memory Care is a 56-unit assisted living and 29-unit memory care property in Littleton that opened in June. The project was designed by Lantz-Boggio Architects and the general contractor was Bryan Construction Inc. The property is owned by CHAL LLC and managed by Urban Inc. The Denver Housing Authority’s Mariposa VII A is a new 45-unit income-restricted and age-qualified apartment property in Denver that opened earlier this year. The architect was Humphries Poli Architects and the general contractor was I-Kota Construction. The property is operated by Ross Management. Erickson Living-Wind Crest is an existing 785-unit independent living community in Highlands Ranch that opened Longs Ridge, a 99-unit independent living building, in June. The architect was JHP Architects and the general contractor was Brinkmann Constructors. The property is owned and managed by Erickson Living. Affinity at Fort Collins, a new age-qualified, market-rate and income-restricted property in Fort Collins, opened in July. The property includes 143 market-rate units and 18 affordable units at 80 percent of area median income. The general contractor is Brinkman Partners and the architect is Nystrom + Olson Architecture. The property is managed by FPI Management and owned by The Inland Group. Westwood Patio Homes, an addition of 34 units of duplexes and triplexes to the Columbine Commons campus in Windsor, completed its final units in June. The campus also includes skilled nursing and assisted living. The general contractor was Beacon Construction and the architect was r4 Architects. The property is owned and managed by Columbine Health Systems. Sales A San Diego-based real estate investments firm, Pathfinder Partners, purchased Shalom Village, an Aurora 104-unit independent living community, in June. Shalom Village exists within the Shalom Park Senior Living Campus, which also offers assisted living, memory care and skilled nursing. The property was purchased for roughly $16 million and will be renovated with some financial assistance of Blueprint Healthcare Real Estate Advisors. The property will be rebranded as Villa Esprit and Hillcrest Development Group, a Denver-based company, will operate the community in partnership with Pathfinder Partners. In July, Sable Care and Rehabilitation Center in Aurora was sold by Blueprint Healthcare Real Estate Advisors to an undisclosed buyer for $5.4 million. The 120-bed skilled nursing facility will be managed by Vivage. In July, The Ensign Group Inc. acquired two properties in Colorado: The Villas at Sunny Acres and Medallion Post-Acute Rehabilitation/Medallion Villas from Centura Health. The Villas at Sunny Acres in Thornton includes 134 beds of skilled nursing, 35 units of assisted living and 198 units of independent living. Medallion PostAcute Rehabilitation/Medallion Villas in Colorado Springs includes 60 beds of skilled nursing, 44 units of assisted living and 64 units of independent living. Haverland Carter LifeStyle Group purchased Ralston Creek Living, a 109-unit assisted living and 36-unit memory care community in Arvada. The property name has been changed to Ralston Creek Neighborhood. The purchase price was $46.95 million. In July, Harbert Seniors Housing Fund I LP acquired MorningStar of Wheat Ridge, a 45-unit assisted living and 19-unit memory care property, from Confluent Senior Living. The price of the sale was undisclosed. MorningStar Senior Living will continue to manage the property. These listings of construction starts, openings, and property sales are as reported by Boulder-based The Highland Group. For questions, contact info@thehighlandgroupinc.com or 720.565.0966.