Multifamily/Seniors Housing Beat

JPI gets the ball rolling on D.C. high-rise project

Irving, Texas-based JPI has begun construction on Jefferson at Penn Quarter, a 421-unit, high-rise luxury apartment building in downtown Washington, D.C. The 11-story building is slated to open in the summer of 2003. In 1999, the General Services Administration (GSA) selected JPI to redevelop the site, which contains a historic three-story building where famed Civil War nurse Clara Burton lived and worked. The GSA plans to open a museum honoring Burton on the third floor of this building. The 1.74-acre Penn Quarter project, located one block from the MCI Sports Center, also will feature a 250-seat live-performance theatre and 44,000 sq. ft. of retail space.

The high-rise complex will feature one-, two- and three-bedroom units with an average unit size of 934 sq. ft. The net rentable area will be 397,040 sq. ft. Penn Quarter will feature a central lobby and courtyard modeled after those of a luxury hotel. The facility also will have a fitness center, business center and a resort-style pool on a rooftop terrace.

CalPERS makes first foray into seniors housing world

Sacramento, Calif.-based California Public Employees' Retirement System (CalPERS) has made its first investment in seniors housing. In partnership with Boston-based AEW Capital Management and McLean, Va.-based Sunrise Assisted Living Inc., CalPERS will own and operate seven Sunrise Assisted Living facilities. The properties — located in Carlsbad, Calif.; Naperville, Ill.; Stamford, Conn.; Richmond, Va.; North Lynbrook, N.J.; and East Brunswick, N.J. — are valued at approximately $115.5 million.

Washington, D.C.-based Fannie Mae provided an $81 million first-mortgage loan to the CalPERS-led joint venture. The remainder of the investment was financed by CalPERS, AEW and Sunrise. CalPERS' investment was approximately $29 million.

In other CalPERS news, a partnership of CalPERS and San Francisco-based SSR Realty Advisors has purchased the 178-unit Sea Castle apartment complex in Santa Monica, Calif., for $48 million. The Province Group, Newport Beach, Calif., was the seller of the beachfront property. Melinda Russell of the Los Angeles office of Hendricks & Partners represented both the buyer and the seller.

Built in 1926 as the private Breakers Beach Club, the property later became the Chase Hotel and then the Santa Monica Hotel. Throughout the years, the facility gained a reputation as a favorite haunt of Hollywood's elite. In the 1960s, it was renamed the Sea Castle and converted into apartments. The Province Group bought the building in 1998 and rebuilt the structure after it had sustained massive damage from the 1994 Northridge earthquake and a subsequent fire.

Annual NIC Conference is just around the corner

The 11th Annual National Investment Center (NIC) for the Seniors Housing & Care Industries Conference will be held Sept. 19-21 at the Marriott Wardman Park Hotel in Washington, D.C. The theme of this year's meeting will be “Investing in seniors housing & care: making the case, understanding the risks.”

The opening address on Thursday, Sept. 20, will be a panel discussion with leaders from the seniors housing and finance communities. Thursday's luncheon will feature William D. Sanders, chairman and founder of Santa Fe, N.M-based Security Capital Group Inc. On Friday, Sept. 21, Lawrence Kudlow, senior managing director of London- and Amsterdam-based ING Barings LLC and an advisor to President George W. Bush's transition team, will discuss the U.S. economy and the effect of the capital markets on the financing of long-term care.

Rocky Mountain-sized complex set to arise in suburban Denver

A joint venture of Ameriton Properties, a subsidiary of Denver-based Archstone Communities, and The Morgan Group Inc. (MGI), Houston, has begun construction on The Estates at Westminster, a 504-unit apartment complex in suburban Denver. Leasing will begin in October 2001, with completion slated for May 2003. The property will be the second MGI Estates property in the Denver market.

The complex will feature one- and two-bedroom units. Each apartment will contain a computer desk, built-in bookshelves, a gas fireplace and 9 ft. ceilings. Outdoor amenities will include two resort-style pools and two volleyball courts. The complex also will provide concierge services such as theater and event bookings.

In other MGI news, the company has broken ground on The Missions at Sunbow, a 336-unit apartment complex in San Diego. Leasing will begin in first-quarter 2002. The community will feature one-, two- and three-bedroom units, and the apartments will range in size from 724 sq. ft. to 1,327 sq. ft. The complex will feature Pacific Ocean views and a 6,500 sq. ft. clubhouse with a surround-sound movie theater.

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