The property, 5.4 acres with three 1-story buildings, was originally supposed to be the site of New Dawn Memory Care location. (Michael Thompson)
The bankruptcy of an Arizona-based company has led to an expansion of a local builder’s senior living portfolio in Henrico.
HHHunt last month purchased the unfinished 29,000-square-foot assisted living facility at 10601 Barbara Lane just west of the intersection of Three Chopt and Gaskins roads.
The property, which sits on 5.4 acres and is home to three one-story buildings, was supposed to be the site of a New Dawn Memory Care location catering to residents with Alzheimer’s disease and dementia.
But the project was never opened as a result of New Dawn’s bankruptcy filing in 2015. That led to a bankruptcy auction last month where HHHunt paid $11.5 million to purchase the Henrico site.
HHHunt purchased the unfinished 29,000-square-foot assisted living facility at 10601 Barbara Lane for $11.5 million. (Michael Thompson)
HHHunt plans to complete the facility and open it in January as Spring Arbor Cottage of Richmond.
Rich Williams, an HHHunt vice president, said the company will spend about $700,000 to renovate the three buildings, each of which house 16 units at an average 300 square feet per unit. The property will cater to elderly people who need healthcare assistance, with an emphasis on memory care services.
Phoenix-based New Dawn and its affiliates filed for Chapter 11 bankruptcy in 2015, according to a release from Keen-Summit Capital Partners LLC. Keen Summit handled the sale of the Barbara Lane site, as well as a Williamsburg property that sold to an LLC tied to a Florida address.
HHHunt has offices in Richmond, Blacksburg, and Raleigh, North Carolina. It develops and manages single-family, apartment and senior living communities in Virginia, North Carolina, Maryland and South Carolina.
Williams said with its latest Richmond acquisition, HHHunt liked the idea of adding to its senior living offerings in a market it was familiar with.
“We were familiar with that property,” Williams said of the Barbara Lane property. “It would be a nice complement to our current portfolio.”
HHHunt has two Spring Arbor Cottage assisted living locations in Richmond: one at 9991 Ridgefield Parkway just south of the forthcoming Barbara Lane location, and another called Spring Arbor of Salisbury at 14001 Turnberry Lane in Midlothian.
The Midlothian location is adding an adjacent free-standing facility with 48 beds catering to residents with dementia and Alzheimer’s at 14020 Steeplestone Drive.
Williams said the base rental price for a unit at the latest Spring Arbor Cottage on Barbara Lane will start around $5,000 a month. The price covers rent, meals and services.
The property, 5.4 acres with three 1-story buildings, was originally supposed to be the site of New Dawn Memory Care location. (Michael Thompson)
The bankruptcy of an Arizona-based company has led to an expansion of a local builder’s senior living portfolio in Henrico.
HHHunt last month purchased the unfinished 29,000-square-foot assisted living facility at 10601 Barbara Lane just west of the intersection of Three Chopt and Gaskins roads.
The property, which sits on 5.4 acres and is home to three one-story buildings, was supposed to be the site of a New Dawn Memory Care location catering to residents with Alzheimer’s disease and dementia.
But the project was never opened as a result of New Dawn’s bankruptcy filing in 2015. That led to a bankruptcy auction last month where HHHunt paid $11.5 million to purchase the Henrico site.
HHHunt purchased the unfinished 29,000-square-foot assisted living facility at 10601 Barbara Lane for $11.5 million. (Michael Thompson)
HHHunt plans to complete the facility and open it in January as Spring Arbor Cottage of Richmond.
Rich Williams, an HHHunt vice president, said the company will spend about $700,000 to renovate the three buildings, each of which house 16 units at an average 300 square feet per unit. The property will cater to elderly people who need healthcare assistance, with an emphasis on memory care services.
Phoenix-based New Dawn and its affiliates filed for Chapter 11 bankruptcy in 2015, according to a release from Keen-Summit Capital Partners LLC. Keen Summit handled the sale of the Barbara Lane site, as well as a Williamsburg property that sold to an LLC tied to a Florida address.
HHHunt has offices in Richmond, Blacksburg, and Raleigh, North Carolina. It develops and manages single-family, apartment and senior living communities in Virginia, North Carolina, Maryland and South Carolina.
Williams said with its latest Richmond acquisition, HHHunt liked the idea of adding to its senior living offerings in a market it was familiar with.
“We were familiar with that property,” Williams said of the Barbara Lane property. “It would be a nice complement to our current portfolio.”
HHHunt has two Spring Arbor Cottage assisted living locations in Richmond: one at 9991 Ridgefield Parkway just south of the forthcoming Barbara Lane location, and another called Spring Arbor of Salisbury at 14001 Turnberry Lane in Midlothian.
The Midlothian location is adding an adjacent free-standing facility with 48 beds catering to residents with dementia and Alzheimer’s at 14020 Steeplestone Drive.
Williams said the base rental price for a unit at the latest Spring Arbor Cottage on Barbara Lane will start around $5,000 a month. The price covers rent, meals and services.
Thankful for additional resources for families struggling with care options for their loved ones with Alzheimer’s and other dementia related diseases.