Alex.Brown Realty Joint Venture To Develop Charleston Senior Housing
BALTIMORE–A joint venture organized by Alex. Brown Realty, Inc. (ABR), Wakefield Capital and Affinity Living Group has announced development plans for a 120,000 sf senior housing facility on James Island in Charleston, South Carolina. The Class A facility is scheduled for completion in June 2018. ABR Chesapeake Fund V, a real estate fund sponsored by ABR, invested approximately $10.1 million in the venture. Financing for the project is being provided by BBVA Compass.
Designed as a best-in-class community, Indigo Hall will offer 116 assisted living units and 40 memory care units as well as first-class amenities and abundant community spaces. The property will accommodate both rehabilitation and therapy services. “There is unmet demand for Class A senior facilities in the Charleston area,” commented Charles Trefzger, CEO of Affinity Living Group. “Indigo Hall will meet that demand. It will be a beautiful community offering quality services and amenities to residents,” added Trefzger. Planned amenities include a bistro, movie theatre, library, gym and much more.
Indigo Hall will be one of the few senior housing options between affluent Kiawah Island and downtown Charleston. “The location is compelling,” stated Tom Burton, ABR’s chief investment officer. “Coupled with Charleston’s strong fundamentals for senior housing, we anticipate healthy demand for the facility.”
Affinity and Wakefield are experienced developers, owners and operators of senior housing properties. “Affinity’s leading-edge approach to facility management and Wakefield’s extensive track record is impressive,” commented John Prugh, president and CEO of ABR. “We look forward to working with them to create a successful investment for our partners.” The transaction represents the first joint venture between an ABR-sponsored investment program and Wakefield/Affinity.