Big Rock Partners Launching South Florida Luxury Senior Living Rental Community
Big Rock Partners, a national real estate management and development firm, is set to begin construction this month on Atria at Villages of Windsor, a Class A senior living rental community on the largest – and one of the last — entitled senior housing parcels in southern Palm Beach County.
Big Rock Partners is developing the community on a 22.5-acre site at Lyons and Hypoluxo Roads near Lake Worth, in the Villages of Windsor planned unit development. According to Richard Ackerman, Big Rock Partners’ senior managing principal, the new community will offer a total of 318 independent living, assisted living and memory care residences, with an array of first-class amenities.
Ventas, Inc. (NYSE: VTR), a leading real estate investment trust, is providing equity capital for this luxury senior living community and will be the principal owner of the community in partnership with Big Rock Partners. Wells Fargo is providing construction financing. The finance advisor is Walker & Dunlop.
“In South Florida and across the nation, Boomers’ higher expectations and desire for flexibility are driving demand for a new generation of senior living rental alternatives to traditional ‘buy-in’ continuing care retirement communities,” Ackerman said. “In Palm Beach County, where existing senior living developments were built on average 21 years ago, we’re taking a fresh approach, creating a community with the hospitality and luxurious feel of a gracious South Florida resort.”
Designed in Spanish Mission style, Atria at Villages of Windsor will include 186 independent living and 78 assisted living apartment residences in a main one- to-three story building, with four wings around a central lobby and amenity core. The separate memory care building will provide 54 one- and two-bedroom residences and its own gardens.
Big Rock Partners has assembled a best-in-class design and operational team to bring the development to market, targeting a summer 2017 opening. The project’s architect, global firm Gensler, which is at the forefront of hospitality and healthcare design worldwide, has worked closely with award-winning construction manager Moss & Associates from the community’s conceptual stage. Atria Senior Living, which operates 180 senior living communities throughout the U.S. and Canada and is known for the scope and quality of its signature Engage Life® activities program, will operate and market the community.
Atria at Villages of Windsor’s design reflects Boomer families’ focus on quality, choices and a sense of community. “Big Rock Partners has made it their mission to create welcoming environments that encourage residents to be active and fully engaged in their communities, within and beyond the development’s boundaries,” said Gensler Project Director Michael Darner. “This high-profile site reflects that approach, as does every aspect of the resort-style design, from the tree-lined grand entry and high-volume lobby to the wide, light-filled central corridors that overlook the lushly landscaped central courtyard and create a sense of flow and movement among the unusually large amenity areas.” Multiple dining choices, an auditorium with adjacent screening-room theater, fitness center, pool, salon, game rooms, and a multi-purpose computer and library space are among the amenities.
Big Rock Partners also is developing upscale senior living rental communities in Celebration, Fla. near Orlando, where its $75 million project is under construction, and in Port Royal, S.C. near Hilton Head Island. Ackerman has acquired, developed, financed and operated commercial real estate and senior housing assets valued in excess of $3 billion over 30 years. Focused on the senior living market for more than a decade, he oversaw the successful turnaround of Summerville Senior Living, one of the nation’s largest assisted living companies and now part of Brookdale Senior Living, for Apollo Real Estate Advisors.
“With today’s strong senior living demand expected to intensify, more institutional investors are considering new rental communities that include independent and assisted living, plus memory care,” Ackerman said. “Major new rental developments of $50 million and up, on high-profile sites with ample amenities, mitigate risk for institutional investors, while offering residents an active, engaged lifestyle where they can continue to enjoy life, learn and grow.”
About Big Rock Partners
Big Rock Partners, based in Beverly Hills, California and Delray Beach, Florida, is a private real estate investment management firm with a diversified portfolio including premier, institutional-quality assets in the senior housing market. The firm is led by Senior Managing Partner Richard Ackerman. Big Rock Partners principals’ experience includes roles as senior executives of public REITS, investment management firms and private real estate firms.
About Atria Senior Living
Atria Senior Living is a leading operator of independent living, supportive living, assisted living and memory care communities in 180 locations in 28 states and seven Canadian provinces. Atria Senior Living is the residence of choice for more than 21,000 seniors, and the workplace of choice for more than 12,500 employees. Atria Senior Living creates vibrant communities where older adults can thrive and participate, know that their contributions are valued, and enjoy access to opportunities and support that help them keep making a difference in our world. To learn more about Atria, or to find an Atria community near you, please visit www.atriaseniorliving.com.
