In a move intended to anticipate exponential growth in the industry, real estate development firm The Shelter Group, recently sold the entirety of its affordable housing portfolio to Enterprise Homes. Stating a desire to focus on the rapidly growing potential of the company’s senior housing properties, The Shelter Group’s executive vice president and CFO Jeffrey Hettleman told Senior Housing News the decision was also based on the company’s desire to remain “service oriented.” “As Brightview has grown, the two businesses have become different and really served different populations, “said Hettlemam. “Brightview had gotten so much larger, in terms of people, and it operates around the clock, and senior living is much more service intensive that the challenges of doing that well and maintaining our culture required us to really focus on that part of our business.” The Art of the Deal Though neither company disclosed the final purchase amount, the August 1st sale allows The Shelter Group to shift gears towards a complete senior housing portfolio. The switch makes sense given the current makeup of the company’s operations. Before the sale, only 175 employees manned The Shelter Group’s affordable housing portfolio, while almost 3,600 work under the Brightview banner. Enterprise Homes will absorb those 175 employees as well as 43 affordable housing properties located primarily in Maryland. With the purchase, Enterprise Homes will triple its holding by adding 4, 1543 affordable housing units to its portfolio. According to Jeff Kunitz, executive vice president of CBRE Affordable Housing (who worked on behalf of The Shelter Group during the transaction), the company specifically looked for a buyer willing to maintain the properties as affordable housing for low-income families. “It was very important for Shelter Group to find a buyer who would maintain the same high level of...
Collaboration + Community
Senior Developments
In May of this year, senior living provider Merrill Gardens unveiled its newest development, a 196-unit community called BullStreet in Columbia, South Carolina. The project is a joint venture between Merrill Gardens and its multifamily-focused sister company, Pillar Properties, as well as regional partner Second Fifty Communities of Charleston, S.C. “The addition of Merrill Gardens fits our vision for BullStreet perfectly, allowing us to provide living opportunities for all age groups,” said Robert Hughes, president of Hughes Development Corp. and master developer for the BullStreet development in downtown Columbia in a statement about the project. Location, Location, Location Hailed as one of Columbia’s biggest land deals in recent history, the BullStreet project will be built on the 181-acre site of the former South Carolina State Hospital complex. The community sits across the street from a planned 20-acre park and is also close to Spirit Communications Park, home of Columbia’s Fireflies, the city’s Single-A baseball team. “These apartments will be the best-located senior housing units in Columbia,” Hughes said. Paying attention to location is one of the hallmarks of Merrill Garden’s property development agenda. By designing each community with characteristics specific to the area, Merrill Gardens creates a comfortable and welcoming environment for residents so they can relax and feel at home. The company’s multi-family sister corporation, Seattle-based Pillar Properties, develops, owns and manages apartment residences in many of Seattle’s “signature neighborhoods.” “We understand the character of the area and work hard to bring that energy into the spaces we design” the company declares on its website. “Because we’re still family-owned, we do things our way – with a premium on delivering an ideal customer experience as measured by our own exacting standards… our mission is to provide a Quietly Awesome experience at every level of engagement.” Spirit of a City The BullStreet location was chosen by the developers because of the neighborhoods “uniquely urban experience,” generated, in part, by its former use as a state hospital campus. With Spirit Communications Park nearby, residents of the project’s senior living will be able to enjoy walking trails and playing fields while also having access to the stadiums batting cages, Club Lounge and other amenities. While the development include 24-hour dining access and round-the-clock staffing typical of most senior living facilities, tenants will also be able to enjoy more unique amenities including a rooftop deck and sports bar. The project’s developers hope residents will take advantage of the community’s centralized location to partake of area restaurants, stores and other entertainment offerings. “The Bull Street project has allowed us to fulfill our vision of providing seniors with an active and authentic lifestyle in a community in which they are already familiar,” said Clayton Mozingo, Principal and CEO of Second Fifty Communities. He continued, “In partnership with the Hughes Development team, highlighting the rich Columbia landscape as the backdrop of this site has been an exciting experience given the positive change in the area.” A Lifestyle Approach Considered a leader in the senior living industry for the last 23 years, Merrill Gardens currently operating 30 senior living communities in seven states. Deploying a “lifestyle approach” to senior housing, Merrill Gardens makes sure each one of its properties reflects the unique attributes of the community where it is located. The addition of Merrill Gardens fits our vision for BullStreet perfectly, allowing us to provide living opportunities for all age groups,” said Robert Hughes, president of Hughes Development Corp. and master developer for BullStreet. “We are creating a dense urban environment that reflects the diversity and rich character of our city, which is very important to us. We found the best, most experienced companies in the country to incorporate vibrant, interconnected senior living into the...
