Joint venture to include multiple properties exceeding $125 million
Brickmont Senior Living broke ground on its first new assisted living facility today, the first of five to be developed through a joint venture between Glenfield Capital and Centric Development. The facility is located in the affluent suburban Atlanta community of Milton, Georgia. It is projected to open in July 2016 and will be a 70,000 square foot facility with 94 units and 124 beds. 60 new jobs will be added upon completion.
Glenfield Capital entered into a joint venture with Centric Development to develop such properties throughout metro Atlanta’s suburbs. The estimated stabilized value of these properties is approximately $125 million.
Brickmont Senior Living offers a technology-based senior housing environment with comprehensive senior living services – care, medication administration, dining, housekeeping, maintenance and transportation. Brickmont’s state-of-the-art building design allows residents to age in place longer than at competing properties, resulting in higher occupancy rates and lower resident turnover. All of the facilities will be licensed by the Georgia Department of Community Health.
“Although we (Glenfield Capital) typically prefer to invest in existing assets, we saw a unique opportunity to joint venture with someone who had a well-thought-out strategy to address the increasing demand for senior housing,” said James Cate, managing principal of Glenfield Capital. Cate added, “Residents will choose us due to a greatly improved design and more spacious living area while receiving outstanding care in their new home.”
According to a 2014 Harvard Joint Center for Housing Studies report, America’s older population is in the midst of unprecedented growth. With the aging of the large baby-boom generation and increased longevity, the 50-and-over population is projected to increase about 20 percent by 2030, to 132 million.
It is estimated that 40,000 senior citizen housing units must be delivered every year for the next 25 years to meet this increased demand. This represents a huge increase from the construction pace of approximately 15,000 units per year in recent years.
About Glenfield Capital
Glenfield Capital is an Atlanta, Ga. based private real estate investment company. Its principals have decades of real estate investment experience including more than $1 billion in advisory and principal activities. Glenfield’s current portfolio includes 800,000 square feet in the metro Atlanta area. The company evaluates numerous investment opportunities throughout the Southeast on an ongoing basis. For more information please visit www.glenfieldcapital.com.