CREJ - Healthcare Properties - September 2016
May, June, July 2016 Construction Starts A groundbreaking ceremony for the Resort Villa Townhomes, a new 40-unit independent living expansion at Water Valley Senior Living, a Good Samaritan Society community, was held June 23. BAS1S Architecture is the architect for the addition and the general contractor is Dohn Construction Inc. The property is expected to open in December. Center at Foresight in Grand Junction, a 54-bed subacute/skilled nursing rehabilitation facility, began construction in March. The architect is Boulder Associates Architects. The property will be managed by Veritas Management Group and is expected to open in January. Stoney River Assisted Living-Glenwood Springs is a 60-unit assisted living and 24-unit memory care community that began construction in April. The architect is Mudrovich Architects and the general contractor is Golden Triangle Construction Inc. The property is expected to open in the first quarter of 2017. The Denver Housing Authority’s Mariposa VII A is a 45-unit income-restricted and age-qualified apartment property that began construction in December. The architect is Humphries Poli Architects and the general contractor is I-Kota Construction. The property will be operated by Ross Management and is expected to open in April. Crown Point Assisted Living and Memory Care resumed its construction in June, after being suspended in fall 2015. The property, located in Parker, will include 123 units of assisted living and 26 units of memory care. The architect is MCG Architects and the general contractor is AD Miller. The property will be managed by Vivage Quality Health Partners and is expected to open in June. A groundbreaking ceremony was held in June for Cappella of Grand Junction, a 40-unit assisted living and 26-unit memory care community. The architect is Rosemann & Associates PC and the general contractor is Bradbury Stamm Construction. The property will be owned by Confluent Development LLC and managed by Cappella Living Solutions. The property is expected to open in the summer of 2017. Morningstar/MVG Arvada is a 150-unit independent living, assisted living and memory care community that began construction in May. The architect is Rosemann & Associates PC and the general contractor is Bradbury Stamm Construction. The property is expected to open in November 2017. Volunteers of America began construction of Montbello II, an 85-unit income restricted, age qualified apartment community, in May. The architect is Parikh Stevens Architects and the general contractor is BC Builders LLC. The property will be located in Denver and is expected to open in July. Hidden Lake Homes is a 72-unit income-restricted, age-qualified apartment property in Westminster that is under development by the Jefferson County Housing Authority. The property, funded with 9 percent Low Income Housing Tax Credit financing, began construction in June. The architect is ej architecture and the general contractor is Alliance Construction. The Boulder County Housing Authority began construction of Kestrel Apartments in Louisville in February. The property includes 71 age-qualified, income-restricted apartments. The architect is Humphries Poli Architects and the general contractor is Milender White Construction. The property will be owned and managed by the Boulder County Housing Authority and is expected to open in November 2017. Bethesda Gardens Monument is under construction on a 60-unit assisted living and memory care community. The property will include 47 units of assisted living and 13 units of memory care. A groundbreaking ceremony was held June 23. The architect is Lantz-Boggio Architects and the general contractor is Brinkmann Constructors. The property is expected to open in fall 2017. Affinity at Fort Collins is a 161-unit, age qualified apartment community that began construction in July. Of the 161 units, 18 units will be income restricted. The architect is Nystrom + Olson Architecture and the general contractor is Brinkman Partners. The owner is The Inland Group and the management company will be FPI Management. The property is expected to open in September 2017. Renovations Marcella Manor Senior Apartments, a 206-unit, U.S. Department of Housing and Urban Development Section 8 senior apartment property, has begun a major renovation following its sale in 2015. The 1977 property is now owned by Arvada Preservation Partners LP. The renovation is being financed partially by 4 percent Low Income Housing Tax Credit financing. Renovations include modernization of elevators, window, exterior skin, HVAC, common areas and unit finishes and fixtures. The architect is ej architecture and the contractor is Pinkard Construction. Openings Mainstreet Capital’s new subacute, rehab skilled nursing facility, Healthcare Resort of Colorado Springs, opened in May. The property includes 97 skilled nursing beds and 28 assisted living units. The general contractor was Meyer-Najem and the architect was arcDesign. Inglenook at Brighton, an existing assisted living and independent living community, opened a new 12-unit memory care addition in May. Inglenook at Brighton is operated by Claremont Retirement Management Services. Lakewood Memory Care, a 46-unit standalone memory care community, held a grand opening ceremony July 14. The architect was Lantz-Boggio Architects and the general contractor was Brinkman Partners. Lakewood Holdings LLC owns the property and Milestone Retirement Communities LLC is the operator. Rocky Mountain Assisted Living Lakewood, a new 32-bed assisted living community, opened in July. The general contractor was Springfield Construction LLC and the architect was MA Architects. The property is owned and managed by Rocky Mountain Assisted Living. Sales Mesa Vista of Boulder, a 146-bed skilled nursing facility in Boulder, was sold by HCM Inc. to Omega Healthcare Investors of Hunt Valley, Maryland, in April. Mesa Vista sold for a reported $19 million. Overture at Stapleton, formerly known as Greenways at Stapleton, a 108-unit market-rate, age qualified apartment community, was sold by Horizon Development to The Carlyle Group in January. Overture is managed by Greystar. Grace Healthcare sold three Colorado skilled nursing facilities to an undisclosed California-based investor. The new owner plans to lease the properties to a new operator that currently has a presence in Colorado. The sale included Paonia Care and Rehab Center in Paonia, Grace Healthcare & Rehab in Glenwood Springs and Pioneer Health Care Center in Rocky Ford. The properties collectively sold for $15.3 million, at $67,700 per bed. 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.