June 2016 — Health Care Properties Quarterly —
Page 17
Senior Housing & Care
Construction Starts
Sunny Vista Living Center held a groundbreaking
ceremony April 28 for its new assisted living and
memory support community. Lantz-Boggio Archi-
tects is the architect for the new addition, with
Pinkard Construction serving as the general con-
tractor. Christian Living Services is set to manage
the new community when the expansion opens in
May 2017.
Landmark Assisted Living in Lafayette began
construction of a 54-unit memory care, compris-
ing three 18-unit houses in April. Legacy Archi-
tecture Studio LLC designed the project and the
contractor is Pinkard Construction. The property is
expected to open in October.
Balfour Senior Living, in partnership with North-
star Commercial Partners, began construction of
Balfour at Stapleton in March. Balfour at Stapleton
will be a new community that will offer 58 assist-
ed living and 16 memory care units. The architect
is Davis Wince and the general contract is Brink-
mann Constructors.
5280 Residences, a 99-unit, market-rate, age-
qualified apartment property, began construction
in the first week of February. This development
is located at 1625 Pennsylvania St. in the Uptown
neighborhood of Denver. The Burgwyn Co. is the
developer, the architect is OZ Architecture and
the general contractor is Shaw Construction. The
property is expected to open in June 2017.
Rocky Mountain Assisted Living, began construc-
tion of a 32-unit assisted living and memory care
community in Wheat Ridge in February. The archi-
tect is MA Architects and the contractor is Spring-
field Construction LLC. The property is expected
to open in November. Rocky Mountain Assisted
Living also has a 32-unit assisted living residence
under construction in Lakewood.
The Wolff Co. began construction of a 160-
unit independent living community in Colorado
Springs in February. The architect is Todd and
Associates Inc. and the contractor is Colorado
Structures Inc. The operator will be Integral Senior
Living and the property is expected to open in
August 2017.
The Brighton Housing Authority, in partnership
with Hendricks Communities, began construction
of Brighton Village II in February. Brighton Village
II is a 63-unit income-restricted, age-qualified
apartment property in Brighton. Brighton Village II
was awarded 9 percent Low-Income Housing Tax
Credits in 2015. The general contractor is Shaw
Construction and the architect is Miles-Lambert
Architecture. The property is expected to open in
December.
Openings
Villagio Senior Living of Broomfield opened
its 51-unit memory care community near 120th
Street and Sheridan Boulevard in April. The
project was developed by a subsidiary of Choice
Capital Partners LLC. The architect was Van Til-
burg, Banvard & Soderbergh. The contractor was
Pinkard Construction and the construction man-
ager was Blackwood Development.
The Center at Northridge, located near West
122nd Avenue and Pecos Street, held its grand
opening April 28. Veritas Management Group
developed the Center at Northridge, a 96-bed sub-
acute skilled nursing property. H+L Architecture
designed the project and Pinkard Construction
was the general contractor.
Town Center North Apartments in Wheat Ridge
opened in March. The 50-unit affordable senior
apartment property was partially funded with
9 percent Low-Income Housing Tax Credits and
was developed by Wazee Partners. The new apart-
ments make up the second phase of income-
restricted senior apartments at Town Center
North. The architect for the project was Kephart,
and BC Builders LLC was the general contractor.
The first phase of the project, Wheat Ridge Town
Center Apartments (with 88 income-restricted
units), was completed in 2012.
MorningStar at Wheat Ridge, a new 45-unit
assisted living and 19-unit memory care commu-
nity in Wheat Ridge, opened in March. The archi-
tect was Rosemann & Associates P.C. and the gen-
eral contractor was Catamount Constructors Inc.
Rosemark at Mayfair Park opened its 80-unit
assisted living and memory care property in Den-
ver in March. Brinkmann Constructors was the
general contractor and the architect was Studio
Completiva.
Primrose Retirement of Pueblo is a new commu-
nity offering independent living and assisted liv-
ing. Primrose is adding 10 duplexes with 20 units
of independent living. The first duplex opened
in January, with the remaining nine duplexes
opened between January and March.
Sales
MorningStar Bear Creek, MorningStar at Moun-
tain Shadows and MorningStar at Jordan
CBRE National Senior Housing announced the
sale of three assisted living and memory care
communities in December, two in Colorado
Springs and one in the south Denver metro area.
MorningStar Bear Creek and MorningStar at
Mountain Shadows, the two Colorado Springs
properties, were completed in 2013 and 2014,
respectively, by affiliates of Confluent Develop-
ment and MorningStar Senior Living. The sellers
were affiliates of Confluent and MorningStar. The
buyer was Senior Living Investment Holdings,
a venture between Arcapita and MorningStar
Senior Living. The cap rate for this transaction
was an estimated 6.22 percent on the pro forma
12-month NOI following month of estimated sta-
bilization for each community.
The buyer simultaneously purchased Morn-
ingStar at Jordan, an 84-unit assisted living and
memory care property in the south Denver metro
area. It sold Dec. 30 for $33.56 million, or $399,564
per unit.
MorningStar will continue to manage the three
communities.
Crown Crest of Parker, a 154-bed skilled nursing
facility in Parker, was sold by Apex Healthcare
Solutions in February to Cascade Capital Group
based in Chicago. The property was sold as part
of a three-facility portfolio that also included two
Utah facilities. Senior Living Investment Broker-
age Inc. facilitated the sale. Crown Crest was sold
for $13.5 million, with the cap rate for the three-
property portfolio listed at 8.7 percent.
These listings of construction starts, openings and
property sales are as reported by Boulder-based
The
Senior housing and care construction starts
openings and sales
February – April 2016
