NEWTON, MA – Five Star Senior Living, one of the nation’s leading senior living and healthcare services providers, announced the addition of memory care apartments at Morningside of Georgetown in Georgetown, South Carolina. Five Star’s award-winning Bridge to Rediscovery (BTR) program is an innovation leader in memory care, designed to address the unique capabilities and interests of each resident, while encouraging family involvement every step of the way.

The program is research based and encourages stimulation of senses, independence and one-on-one interactions in patients suffering from Alzheimer’s and other forms of dementia.

“We are excited to bring The Bridge to Rediscovery program to the Morningside of Georgetown,” said Scott Herzig, Five Star’s Chief Operating Officer. “The new wing includes a gardening area, a new dining room and signature elements designed to engage our residents. We want our residents to feel capable and empowered by the environment they are in, and also want to encourage families’ and guests’ interactions while visiting.”

The renovation, which is designed to maximize natural light, features 14 modernized private and semi-private suites, large custom designed common areas such as family-style dining, and a perfectly landscaped secure outdoor garden with walking paths. Residents have the ability to go outside in a safe environment that gives them some independence back while keeping families at ease.

BTR is the winner of multiple Argentum (formerly Helped Living Federation of America) “Best of the Best” awards. This prestigious national award recognizes excellence in senior living programming. Residents delight in an award winning program as well as care provided by a professional and attentive team in a community with all of the warmth and hospitality of home.

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LOUISVILLE, KY – Preferred Apartment Communities announced the acquisition of a 242-unit Class A multifamily community in Louisville, Kentucky constructed in 2012 called Claiborne Crossing. 

“Claiborne Crossing is an exceptional Class A multifamily community located in a highly desirable submarket of Louisville.  The assumed HUD debt is attractive and the product quality and unit features are brilliant,” said John A. Williams, PAC’s Chairman and Chief Executive Officer.

PAC bought this community through a wholly-owned subsidiary and financed the acquisition by assuming a first mortgage loan insured by the U.S. Department of Housing and Urban Development. 

The remaining principal balance on the HUD loan is approximately $27.1 million, bears interest at a fixed rate of 3.34% per annum and has approximately 37 years of term remaining. 

There are no loan guaranties provided by us or our operating partnership.

Preferred Apartment Communities was formed primarily to buy and operate multifamily properties in select targeted markets throughout the United States.  As part of its business strategy, it may enter into forward buy contracts or buy options for to-be-built multifamily communities and make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. 

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CHICAGO, IL – Rockwell Partners, a leading Chicago-based real estate investment and property management firm, recently completed the $30,500,000 acquisition of Mont Clare Apartments, a mixed-use property including 281 units and approximately 21,000 square feet of commercial space anchored by US Bank. 

Located 10 miles northwest of Chicago at the major intersection of Harlem Avenue and Gunnison Street in the quick-growing market of Harwood Heights, Illinois, the highly visible property consists of two 12-tale towers connected by a first-floor lobby.

Apartments at the complex include a mix of studio, one, and two-bedroom floor plans.  Property amenities include a 24-hour fitness center, outdoor pool with sun deck, clubroom, business center, private multimedia theater, and underground parking.  The Mont Clare is also conveniently located in close proximity to the I-90 expressway, CTA Blue Line and O’Hare Airport, and is surrounded by shopping and dining destinations, including Harlem Irving Plaza.

Rockwell plans to make significant improvements to Mont Clare’s common areas and building amenities in addition to upgrading rental units in need of renovation.  The company also will take over the property management responsibilities for the property. 

“We believe this is a strong, improving infill location and submarket, and that there is untapped value-add potential in the common areas, amenities and operations of the complex,” said Rockwell Partners Principal Jason Fishleder.

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