Private equity-backed real estate acquisition, development and investment management firm Capitol Seniors Housing has opened an upscale independent living community for older adults on New York’s Long Island.
The Washington, D.C.-based firm acquired the Plainview Residence Inn by Marriott in Plainview, NY, for $20.3 million in February 2019, its first-ever hotel acquisition. Capitol then spent another $19.6 million to convert the 150,000-square-foot property into 114 one- and two-bedroom residential suites.
“This was an ideal opportunity for a seniors housing investor to enter a high-barrier-to-entry market with approved land use entitlements and establish a presence in one of the top seniors housing markets in the country,” said James Ashley, principal at Metropolis Property Group, who represented the seller, Greenbriar Associates.
The community’s amenities and interiors were designed by Ardmore, PA-based Meyer Senior Living Studio, and construction was by Plainview, NY-based EW Howell Construction Group. Chelsea Senior Living is the community’s operator.
As an independent living community, construction wasn’t deemed essential during the pandemic, so the project was held up for two months, and many materials trickled in later than usual, Emily D’Alessandris, senior construction manager for Capitol, told the McKnight’s Business Daily. Despite the setbacks, the community had received more than 30 deposits before opening earlier this month, she said.
The Residences at Plainview offers a variety of amenities and services, including indoor and outdoor swimming pools, a putting green, a sauna and full exercise facilities, as well as a bistro, sports bar, movie theater, art studio, salon and barber shop. Services include a concierge, 24/7 video surveillance and valet parking.
“Perhaps most unique is our wellness program, which is tailored for each resident, as well as the availability of on-site medical and rehabilitation practitioners and a homecare program,” said Roger Bernier, president and COO of Chelsea Senior Living.