Rendering of Chelsea Senior Living of Shrewsbury, 515 Shrewsbury Rd., Shrewsbury, NJ
SHREWSBURY, NJ—Capitol Seniors Housing is set to begin construction on two more senior living communities in New Jersey – in Shrewsbury and Mt. Laurel – raising the firm’s number to four communities under development in New Jersey. Additionally, the firm recently completed Arbor Terrace Morris Plains which opened on June 8.
Washington, DC-based CSH is a private equity-backed real estate acquisition, development and investment management firm founded in 2003.
Construction is set to begin this month on Chelsea Senior Living of Shrewsbury, a $29.3 million, 73,000-square foot community targeted to open in the third quarter of 2018. Located in Monmouth County, Chelsea Senior Living of Shrewsbury will offer 85 apartments, with 58 for assisted living and 27 for memory care, as well as a sunroom, bistro, tavern, outdoor patio, theater, art studio and gallery. The land for the community closed on June 21. Chelsea Senior Living of Shrewsbury will be the first new, state-of-the-art assisted living residence built in the Shrewsbury market since the year 2000. The community will be located at 515 Shrewsbury Rd. and will be within 1.4 miles of the Garden State Parkway.
Arbor Terrace Mt. Laurel, offering assisted living and memory care, is set to break ground in July. The $28.4 million, 75,000-square-foot community will have 88 apartments and overlooks the Laurel Creek Country Club. Amenities will include a bistro, theater room, art studio, technology lounge, fitness/rehab center, sports theater, patio, courtyard and two-story water feature. The community will be located at the intersection of Creek and Centerton Roads in Mount Laurel, NJ, east of Philadelphia. Arbor Terrace of Mount Laurel will be located just east of the Interstate 295 interchange, making the community very accessible to the entire market area. The community is scheduled to open in the third quarter next year.
“We are experiencing a busy – but normal – time with a recent senior living community grand opening, several under construction or about to start construction, as well as more acquisitions set to close in the coming weeks,” says Scott Stewart, managing partner of Capitol Seniors Housing. “We’re continually seeking new strategic investment opportunities to improve the quality of life for seniors across the country, and New Jersey is an important region of the country for us where we identified four amazing communities which are all now in various stages of development. Each of these communities is unique in special ways, and all offer beautiful amenities under the operation of best-in-class senior living providers. By helping accelerate the availability of quality senior living development, we help communities meet increased demand in major markets and, ultimately, help serve seniors and their families.”
Capitol Seniors Housing also completed construction of Arbor Terrace Morris Plains, an 82-unit assisted living and memory care community, which opened June 8. The community is located at 361 Speedwell Ave. (Route 202) in Morris Plain, NJ. Featured amenities include large open-concept floor plans, resort-style living areas and lobby, bistro, fitness center, library, computer lounge, patios and porches. Arbor Terrace Morris Plains is near the heart of the city and near dining, shopping and health care providers.
The firm also has two additional New Jersey senior living communities under development in Norwood and Mountainside, both offering assisted living and memory care. Atria of Norwood, an 83-unit community, is slated to open in March 2018. Arbor Terrace of Mountainside, an 82-unit community, is expected to open in May 2018.
Capitol Seniors Housing also owns The Chelsea at The Solana Marlboro, in Marlboro, NJ.