Seniors Housing News

BelmontCorp. mimics Main Street in design of Houston site Inspired by the need to provide senior housing that treats the whole person rather than just a specific ailment, Houston-based BelmontCorp. has unveiled its Belmont Village concept.

Featuring a village main street with a learning center, library, marketplace, town hall and salon, the first of two Belmont Village communities opens this fall. The 157-unit facility will include 48 rooms for dementia patients as well as guest accommodations for family and friends.

The second facility will open in Houston in spring 1999 and will house 101 residents with 24 units designed for people with dementia. Both Houston locations will have on-site health centers, which are being built in collaboration with St. Luke's Episcopal Health System. BelmontCorp. is currently developing facilities in five other U.S. cities.

Kapson migrates south to begin work on first Sun belt center Marking its entrance into the Carolinas, New York-based Kapson Senior Quarters has begun work on a senior center in Lake Wylie, S.C. The two-story, 80,000 sq. ft. assisted living residence is scheduled to open in October.

Senior Quarters at Lake Wylie will include 100 studio, one- and two-bedroom units and will house 120 residents. The company plans to build five additional facilities in the Carolinas.

"We have aggressive plans for the Southeast, and we're positioned to expand," explains Evan Kaplan, president of Kapson Senior Quarters Corp.

Kapson also has begun work on a three-story, 56,480 sq. ft. facility in Roanoke, Va. Senior Quarters at Pheasant Ridge is Kapson's first development in Virginia. With room for up to 100 residents, the 90-unit property is scheduled to open in the spring of 1999. The senior project is expected to cost $7.5 million.

Kapson operates 23 assisted living communities throughout the country with plans for nearly 40 new sites in New Jersey, Pennsylvania, Connecticut, New York and Delaware.

Retirement housing hits record high, but nursing homes decline Prices paid for retirement housing hit another record in 1997, according to the most recent report by Irving Levine Associates, a New Canaan, Conn., research firm.

Over the past year, the average price for assisted living and independent living communities rose 12% to $73,900 per unit.

"For the fourth year in a row, we have seen a rise in the average price paid for retirement housing," says Stephen M. Monroe, editor of the Senior Care Acquisition Report. "The abundant supply of capital and low interest rates have fueled an acquisition spree led by assisted living."

The nursing home sector, however, felt its first decline in eight years. After hitting record levels in 1996, the average price paid per bed in 1997 dropped 4.3% to $40,500.

Still, Monroe says the market continues to be strong, adding that almost 25% of nursing home sales in 1997 were at prices above $50,000 per bed. Marriott marches through Atlanta as part of national development

More than nine acres of suburban Atlanta land have been snapped up by Marriott Senior Living Services as part of the company's plan to expand its holdings into the Southeast.

The parcel, purchased from Publix Supermarkets, will be the site of Atlanta's third Brighton Gardens development, an assisted living facility owned and operated by Bethesda, Md.-based Marriott Corp. The group plans to open at least four developments in Atlanta. There are 92 Brighton Garden facilities open throughout the United States.

MBK adds another facility to pile of California holdings MBK Senior Living Communities has acquired a 250-unit senior housing center in Santa Rosa, Calif., pushing the company's total number of units to more than 1,500.

Built in 1991, The Lodge at Paulin Creek sits on 9.4 acres of Northern California property. The fully occupied facility has studio, one- and two-bedroom apartments, ranging in size from 500 to 1,300 sq. ft.

Financing for the $22.7 million purchase was provided by Dover House Capital, a subsidiary of JP Morgan.

The acquisition is the latest move by Irvine, Calif.-based MBK Senior Living to bolster its statewide presence. In June, the company announced construction on a $20 million facility in Rancho Mirage, Calif.

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