Multifamily Developer Plans $200 Million Senior Living Pipeline
Senior Housing News
A multifamily developer is making a $200 million senior living play, with five such projects coming together under the company’s new Aspire brand, and potentially more on the way in the Mid-Atlantic.
Arlington, Virginia-based Bonaventure has communities under construction or development across the commonwealth, in Alexandria, Woodbridge, Norfolk, Chesapeake and Richmond. Overall, the company currently owns 22 apartment properties in Virginia and South Carolina.
In Richmond, Bonaventure is building a 148-unit independent living community on the campus of Acclaim at Carriage Hill — a 664-unit age-restricted apartment complex in Richmond it first acquired in 2002 — and is set to break ground next year on a second construction phase with a 120-unit assisted living and memory care building.
While the age-restricted property will still exist under the Acclaim branding, the expansion will operate under Bonaventure’s new senior living brand, Aspire.
Bonaventure’s future Aspire communities will range from about 125 to 150 units and include a mix of age-restricted housing, independent living, assisted living and memory care services. Planned amenities include an indoor pool, multiple dining venues, fitness facility and space for scrapbooking, gardening and other activities.
Rates for the communities are planned to start at around $2,800 to $3,000, depending on the market where it’s located.