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Seniors Are Back on Campus in University-Affiliated Housing

The Praxeis Group, a Jacksonville, Fla.-based developer and operator of continuing care retirement communities, has entered into a joint venture with Harrison Street Real Estate Capital to grow its brand of life-fulfilling communities (LFCs) affiliated with major universities across the U.S. The venture plans to develop eight to 10 university-affiliated LFCs over the next three to five years. The venture’s first project is Westcott Lakes at Southwood, sponsored by Florida State University in Tallahassee, Fla. The 90-acre lakefront site will feature 60,000 sq. ft. of venues for dining, wellness, performances, creative arts and socializing. Phase I of the community will offer apartment residents and club homes. A news feature on university-affiliated seniors housing appears in the February print edition of National Real Estate Investor.

An affiliate of Columbus Metropolitan Housing Authority is building Worley Terrace Apartments, a 100-unit community for elderly residents in Columbus, Ohio. The $7 million community will contain one-bedroom units with a secured central entrance. The building will replace an outdated building that occupied the site. Red Capital Markets and Ohio Capital Corp. completed the financing for the project, which will be operated as a public housing community. The project is expected to be complete by the end of 2007.
The Marque at Heritage Hunt, Northern Virginia’s first luxury rental apartment for active adults, has opened its model apartment home and begun leasing. The $30 million development will contain 200 units ranging from 800 to 1,500 sq. ft. Marque’s first floor features a controlled-access doorway, library, lobby and lounge that includes a piano, plasma TV, gas fireplace, sofas and lounge chairs. Marque’s courtyard includes a heated swimming pool with a hot tub, a nine-hole putting green and walking paths. The community also has a fully equipped gym and beauty salon. Services such as medical consultation, grocery and meal delivery, cleaning and pet care also are offered.
Investor groups sponsored by Steven D. Bell & Co. have acquired two senior living communities in Virginia and Florida for more than $19 million. Talbot Park, a senior apartment community located in Norfolk, Va. includes 114 apartments with an average size of 1,310 sq. ft. Bell Senior Living plans to spend about $1 million to covert the community from senior apartments to full-service independent living. The community will be renamed The Talbot on Granby. Another Bell-led investor group acquired The Arbors at Ormond Beach, an Alzheimer’s and memory care community located near Daytona Beach, Fla. The complex includes 40 private and semi-private rooms at an average size of 200 sq. ft. Bell Senior Living plans to spend about $200,000 on immediate renovations to the community and rename the property to Seasons by Riviera.
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