Castle Lanterra Active Adult Grows Portfolio With Third 55+ Residential Community Acquisition in 2022

TOMBALL, TX—Castle Lanterra Active Adult, a division of Castle Lanterra (the New York-based national real estate investment firm), announced last week its third major acquisition in the active adult multifamily (55+) asset class, with the purchase of Laurel at Vintage Park in the Houston, TX suburb of Tomball. With this most recent acquisition, the firm has accumulated over $125 million of assets in the active adult sector during 2022. Castle Lanterra Active Adult acquired the residential community from Coastal Ridge.

This acquisition speaks to Castle Lanterra’s focus on strategically expanding and enhancing its platform in the active adult sector in targeted markets across the country. The firm made its foray into the active adult sector earlier this year with the acquisitions of Diamond Oaks Village in the Paradise Coast between Naples and Fort Myers, FL and Reserve at Lakeside in New York’s bucolic Hudson Valley.

“Laurel at Vintage Park provided us with the rare opportunity to purchase a recent vintage 55+ community with value-add potential in one of Houston’s most desirable live-work-play suburban neighborhoods,” said Frank Small, senior managing director and head of investments for Castle Lanterra Active Adult.

Built in 2014, Laurel at Vintage Park is a 120-unit residential community strategically positioned next to Vintage Park—northwest Houston’s premier destination for business, shopping, dining and entertainment. Community features include a resort-style pool with a sundeck, two-story clubhouse with a kitchen, fitness center, aerobic studio, coffee and wine bar, game and craft room, library, computer lounge with free Wi-Fi, outdoor covered seating areas, grilling stations, walking trail, pet park, elevator access, garage with covered parking and 24-hour emergency maintenance service. Homes boast 10 foot ceilings, kitchens with a pantry, granite countertops, stainless-steel appliances, washer and dryer, walk-in closets, breakfast bar, wood-style plank floors, ceiling fans and a private patio with a backyard for select units.

Age-Restricted Multi-Housing Community in New Jersey Trades for $29.9M

MORRISTOWN, NJ—JLL Capital Markets announced earlier this week that it has closed the $29.9 million sale of Royal Pines at Marlboro, an 89-unit 55+ multi-housing community in Englishtown, NJ.

JLL represented the seller—a joint venture between GRJ and Castellan Real Estate Partners—in the sale to F.M. Ferrari Investments.

Royal Pines at Marlboro comprises one- and two-bedroom units averaging 859 square feet. Although the property is restricted to residents 55 and above, 20% of the residents can be 35 and older. The apartments feature stainless steel appliances, wood floors throughout, oversized walk-in closets, in-unit washers and dryers and private patios/balconies. Community amenities include elevators, after-hours security, video-monitored entrances, outdoor grills, a community room, game room, gym with spa-like locker room, yoga studio, business center and library. The property was built in 2008 and is currently undergoing renovations to all units.

The community, which is located at 362 US-9, has convenient access to retail centers, including Whole Foods, ShopRite and Home Depot. Royal Pines at Marlboro is also near NJ-18, providing access throughout the state and region via the Garden State Parkway and interstates 95 and 287. In addition, the New Jersey Transit 139 bus route stops within walking distance of the property, offering residents public transportation to New York City. The community also benefits from the area’s strong demographics, with an average household income of $175,331 within a three-mile radius and a growing 55+ population, which is currently at 17,584 people within the same area.

The JLL Capital Markets investment sales advisory team representing the seller was led by Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick.

“We continue to see incredible demand from capital sources for multi-housing product in Monmouth County,” said Oliver. “The area has strengthening fundamentals, while it is completely underserved for rental housing.”

12 Oaks Senior Living Adds Additional Community to Its Management Portfolio

DALLAS, TX—12 Oaks Senior Living continues to expand its relationship with current clients to manage an additional assisted living and memory care community, Copper Canyon Memory Care & Transitional Assisted Living in Tucson, AZ. 12 Oaks Senior Living intends to expand and enhance the service offerings at this community, while restoring stability and planning for long-term growth. Copper Canyon augments four other senior living properties that 12 Oaks currently manages for the same ownership group.

“We’re excited to provide this new direction and operational support to advance the quality of life for residents and associates at this community,” said 12 Oaks Senior Living President Greg Puklicz. “The 12 Oaks Senior Living mission has always been to help senior living communities thrive and provide the best quality of care for seniors and their families. Our mission will continue with the addition of this community.”

12 Oaks Senior Living has more than 30 years of experience in providing senior living communities with highly effective and exceptional third-party management and consulting services. The regional management company oversees communities principally throughout Texas and Oklahoma. “Three decades of experience can truly benefit this community and the people who call it home,” Puklicz remarked. “We’re excited to bring our distinctive high-touch management model and unique programming to this community.”

Five Companies Partner Together To Preserve Affordability of Senior Housing in Irvine, California

IRVINE, CA—Asland Capital Partners, a private real estate investment firm specializing in multifamily and mixed-used investments; Fairstead, a purpose-driven, vertically-integrated real estate company; women- and minority-owned real estate platform iimpact Capital; global real estate manager Nuveen Real Estate; and Innovative Housing Opportunities (IHO) announced earlier this week the acquisition of Woodbridge Manor in Irvine, CA.

“Woodbridge Manor is significant to IHO because it was our organization’s first project and the first low-income housing complex ever created in Irvine,” said Rochelle Mills, president and CEO of IHO. “We are thrilled that these apartments will continue to serve in-need seniors, extending a legacy that IHO began in 1981.”

Woodbridge Manor consists of 165 one-bedroom apartments affordable to seniors earning up to 60% of the area median income—or a maximum of $59,040 per year. The complex is comprised of a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose-built as affordable housing for residents at least 62 years old and those living with disabilities.

Set on more than four acres of land, the affordable residence features three community rooms, a computer lab, a fitness center and a regular shuttle bus service that takes residents to and from medical appointments. The property also includes a set of solar panels, which provides the complex with a clean, renewable energy source.

“We are committed to preserving affordable housing and creating a positive impact for our residents and the communities we serve through sustainable improvements and resident services,” said Pamela West, senior portfolio manager of impact investing for Nuveen Real Estate. “Woodbridge Manor represents a significant opportunity to do so in a high-demand area, and we expect this project to deliver significant impact locally.”

The acquisition of this affordable home for seniors grows Fairstead’s portfolio in California to nearly 1,000 units. As Fairstead continues to expand its footprint across the country, this news follows the company’s recent acquisition of the Kinneret Apartments in downtown Orlando, FL; a 950-unit affordable housing portfolio in Kentucky; and the Aurora Apartments in San Antonio, TX.

“Fairstead remains committed to preserving our nation’s critical affordable housing stock, and we are proud to advance our impact in California by adding Woodbridge Manor to our growing portfolio in partnership with Asland Capital Partners, iimpact and Nuveen,” said Jeffrey Goldberg, CEO of Fairstead. “Our seniors deserve to live in communities that offer the amenities, services and resources they need to live independently for as long as possible. By preserving the affordability of Woodbridge Manor, we are able to ensure its senior residents will have a stable, high-quality place to call home.”

Woodbridge Manor is Asland’s first acquisition in California and the company’s second investment in the senior housing sector, following the current development of 1940 Turnbull Ave. This 154-unit affordable residential property is designated for seniors aged 62 years and older, and is located in the Soundview neighborhood of The Bronx in New York. It is scheduled for delivery in the spring of 2024.

“Asland is excited to partner with Nuveen, Fairstead, iimpact and IHO to close this important transaction for the city of Irvine,” said James H. Simmons III, founder and CEO of Asland Capital Partners. “As a high-barrier-to-entry California city with less than 1,000 deeply affordable senior units, the preservation of affordability, rehabilitation and forward commitment to providing social services to Woodbridge Manor’s culturally diverse tenants is essential for the community and its residents.”

The Mogharebi Group Brokers $41.25 Million Sale of 118-Unit Senior Housing Portfolio in San Jose, CA

COSTA MESA, CA—The Mogharebi Group (TMG), on behalf of ROEM Development, has arranged the $41.25 million sale of a two-property, 118-unit senior affordable housing portfolio in San Jose, California.

Built in 2001 and 2003 by ROEM, Monte Vista Gardens Senior 1 and 2 have a total of 118 units across two residential buildings. Located at 2605 La Hacienda Ct. and 2600 Nuestra Castillo Ct.—a block apart from each other in northeast San Jose—the two- and three-story controlled-access senior complexes include a community center with a library and kitchen, a garden/courtyard, solar panels and laundry rooms.

“The Monte Vista Gardens Senior portfolio was a rare opportunity for the buyer to acquire high-quality assets in a sector supported by several strong demand drivers, including baby boomer demographics, the overall renter economy and the universal need for affordable housing,” said TMG Founder and President Alex Mogharebi, who (along with Executive Vice President Otto Ozen) brokered the transaction. “Despite rapidly rising interest rates, competition was very intense with many interested buyers, and the nearly $350,000 per unit achieved in this sale bears that out.”

With 10,000 baby boomers projected to reach retirement age every day through 2030, the demand for senior housing should remain strong. Volumes in the second half of 2021 approached record highs as more than 21,000 units were absorbed across U.S. primary markets, which include the San Francisco Bay Area and Silicon Valley, according to the National Investment Center for Seniors Housing & Care.

Seniors Housing Community in Dallas-Fort Worth Suburb Sold

DALLAS, TX—JLL Capital Markets announced earlier this week that it has closed the sale of Quail Park of Granbury, a 75-unit independent living, assisted living and memory care community in Granbury, Texas, which is a growing suburb of Dallas-Fort Worth.

JLL represented the seller, Living Care Lifestyles, in the sale to Lloyd Jones LLC. Lloyd Jones Senior Living will operate the community going forward, under the name AVIVA Granbury. The sales price was not disclosed.

The community is comprised of two buildings, one offering independent living (41 units) and assisted living (15 units), and one dedicated to memory care (19 units). The community was in excess of 95% occupancy at closing. Units feature faux hardwood floors, full-size kitchens in independent living units and private patios. Community amenities include landscaped courtyards, a large auditorium, a bistro, dining rooms, and a variety of lounges and gathering areas.

The property has a nearly 30-acre site along Paluxy Highway, 40 miles southwest of downtown Fort Worth. Of the 30 acres, approximately 20 acres is available for future development. This was appealing to the buyer, who has plans to develop the 20 acres in the future.

The city of Granbury has become a popular destination for retirees, offering residents a full living experience with access to numerous dining and retail options offered in the historic downtown. The 65+ population within a five-mile radius of the property constitutes more than 25% of the total population, outpacing the national rate of 17%.

Messiah Lifeways and Menno Haven Explore Possible Affiliation

MECHANICSBURG, PA—Two thriving, faith-based providers of senior care services recently announced their intent to explore the possibility of joining forces. Mechanicsburg-based Messiah Lifeways and Chambersburg, Pennsylvania-based Menno Haven have entered into a memorandum of understanding to explore a possible affiliation.

“A combined organization would not only provide greater strength today, but would also foster additional possibilities for mission expansion at a pace greater than would be otherwise,” said Hugh Davis, president and CEO of Menno Haven. The organizations have strong missional and cultural alignment, are both rooted in the Anabaptist faith and have strong reputations for serving older adults throughout south central Pennsylvania.

“The unique attributes of each organization and geographic locations present additional opportunities for growth,” said Karl Brummer, president and CEO of Messiah Lifeways. “Our organizations’ founders have a history of bold decision-making, and exploring the opportunity to join forces with another like-minded, quality provider continues that legacy.”

A steering committee made up of executive leaders and board members from both of the organizations has been formed and due diligence has begun. As the relationship develops, additional information will be provided to residents, team members and other constituents over the upcoming months.

Tutera Senior Living & Health Care Acquires the Lodge at Manito Assisted Living Community in Illinois

MANITO, Ill. – Tutera Senior Living & Health Care, a Kansas City-based senior health care provider, announced it has purchased The Lodge at Manito. Located in Manito, Illinois, on eight acres, the community provides assisted living and memory care – the first and only dedicated memory care community in the Manito area. Over the past 38 years, Tutera has developed expertise in providing senior living experiences for individuals living with memory loss through its THRIVE in the Courtyard memory care program, which will be available to the residents of Manito.

“The Lodge at Manito has an exceptional reputation in the area for providing quality care and services,” said Randy Bloom, president and chief operating officer of Tutera. “We are excited by the opportunity to combine our years of senior living experience to an existing, well-operated community to achieve superior outcomes.”

The community opened in 2017 by the Mason County Health Department, which was the first of its kind in the state – no other health department in Illinois owns an assisted living property. Tutera and the health department will have a collaborative relationship that will benefit the residents of The Lodge at Manito.

“We did the groundwork to get The Lodge at Manito up and running; now it’s time to build off the health department’s success and bring in an expert like Tutera who knows senior living,” said Curt Jibben, public health officer of the Mason County Health Department. “Tutera’s brand and values align perfectly with The Lodge at Manito, and we’re excited for this partnership to further our mutual goal of providing the best care to the older population in Mason County.”

The community will adopt Tutera’s YOUNITE philosophy – a way to get to know residents on a personal level to provide a unique and one-of-a-kind experience where needs are properly met. Because of YOUNITE, The Lodge at Manito will offer team members, services, amenities and culture that work together to support residents’ independence and honor their individuality.

“At Tutera, we understand that each community is different, and as a result, we must understand what opportunities exist on a community-by-community basis,” said Bloom. “Tutera provides many resources to the community team, including systems, processes and programs to engage both the residents and the team members. Consistent with our YOUNITE philosophy, we will initially spend a great amount of time listening. Only then will we create an operational plan specific to the needs of The Lodge at Manito.”

The Mason County Health Department will continue to support Tutera to better service the seniors of Manito and Mason County.

Alta Senior Living Acquires a 175-unit Independent and Assisted Living Community in Margate, Florida with Plans to Invest an Additional $6.5M in Renovation Capital to Further Enhance the Community.

MARGATE, Fla. – Alta Senior Living recently closed on their first senior living community in Florida with the recent acquisition of Waterside Landing, a 175-unit independent and assisted living community in Margate, Florida. Upon closing, the operations was successfully transitioned to Alta Senior Living, Inc.

Over the next 12 months, Alta Senior Living will invest another $6.5 million in renovation capital to further enhance the community and convert 22 units on the first floor from assisted living to secured memory care.
“Waterside Landing is exactly the type of acquisition opportunity we’re seeking right now,” said Douglas Brawn, Principal of Alta Senior Living. “This community has so much potential, and we immediately saw the vision during our first community tour. It took us several months to tailor the right business plan, but we’re excited to complete the renovation work, enhance the design and amenities, and convert half of the first floor to secured memory care.”

The current residents and staff are excited about the upcoming changes too. “We took the time to meet with the residents and staff during the process to truly understand their needs, desires, and concerns,” said Sean O’Malley, VP of Operations at Alta Senior Living. “The health and welfare of our residents is always our top priority, so we wanted to incorporate them throughout the planning and improvement process.”

With the successful addition of Waterside Landing, Alta Senior Living is now working on several additional acquisition opportunities within Florida and California markets. “Although many investors are still on the sidelines, we’re excited about the opportunities we’re seeing right now,” said Scott McCorvie, CFO and EVP of Investments at Alta Senior Living. “We feel it’s the perfect time to acquire established communities, infuse strategic renovation capital, and transition out remote operator groups with our local, knowledgeable management teams.

With corporate offices in Santa Monica, California and West Palm Beach, Florida, Alta Senior Living is a fully-integrated senior living investment, development, and operations company that owns and/or operates over 530 units in three states. Additional information can be found on, or by contacting Scott McCorvie at

Lifespace Communities Welcomes Newcastle Place to its Family of Communities

WEST DES MOINES, Iowa- Lifespace Communities is pleased to announce that it has acquired Newcastle Place and will add the beautiful community to its family of continuing care retirement communities (CCRCs).

The acquisition of Newcastle Place, located in Mequon, a suburb of Milwaukee on Lake Michigan’s western shore, brings the family of continuing care communities to 16. Newcastle Place, with 257 residences on 52 acres, joins six other Lifespace communities in the Midwest.

Lifespace and Newcastle Place share compatibility across many areas, including commitment to service, quality, and diversity, complementary resident mix and an excellent resident and team member experience and culture.

“We believe Newcastle is a great fit for Lifespace as we share similar values and organizational cultures,” said Lifespace President and CEO Jesse Jantzen. “As a not-for-profit organization dedicated to providing extraordinary care and service, we are furthering our passion and commitment of celebrating the lives of seniors by welcoming a very strong community into the Lifespace family.”

Given Lifespace’s strong reputation as a leading operator of CCRCs backed with a healthy balance sheet, the company is receiving interest from other entities that are interested in becoming a part of the Lifespace family of communities. “The energy in our strategic pipeline is palpable which I view as an affirmation of the dedicated Lifespace team members that serve and support our residents, and each other, every day of the year.” Jantzen further added, “Only after considerable due diligence and analysis, of which culture is a critical component, do we proceed down a path towards coming together.”

Lifespace, based in West Des Moines, Iowa, is one of the nation’s largest not-for-profit owners and operators of continuing care retirement communities and has been providing service to its residents for more than 40 years. It serves more than 5,100 residents and employs more than 3,900 team members.

About Lifespace Communities
Lifespace Communities, Inc., based in West Des Moines, Iowa, is a not-for-profit organization proudly serving older adults for more than 40 years. Founded in 1976, Lifespace Communities has grown to own and operate 16 continuing care retirement communities in nine states, serving more than 5,100 residents and employing more than 3,900 team members. For more information about Lifespace and its communities, visit