SAN DIEGO, CA—The San Diego office of Colliers International represented Westminster Manor of San Diego, Inc. in its selection of Chelsea Investment Corporation, as its new partner in 1730 Third Ave., San Diego.
The property, Westminster Manor, is a 152 unit high-rise apartment building that provides affordable housing for senior citizens. The new entity, Westminster Manor LLC, structured new financing, which provided funds for an extension renovation of the building.
Victor Krebs of Colliers International represented Westiminster Manor in the selection process, and Keyser Marston Associates partner Paul Marra assisted Westminster in its financial analysis for the project.
Westminster Manor was built in 1972, and the 152 apartments will undergo a full interior and exterior renovation estimated at $12.5 million. Residents, who will be relocated during the construction period, will have apartments with new bathrooms, kitchens, windows, flooring, paint, lighting, window coverings, energy efficient wall heaters and appliances.
Building improvements will include new fire sprinklers and fire alarms, roof and boilers, along with extensive repairs to the plumbing systems and balcony decks. Also planned are an expanded community room, a new computer room and library, larger laundry facilities, common areas enhanced with updated colors and design, and an improved outdoor space. The building exterior will be updated with new paint, tinted windows, and building signage.
During the renovation, the Chelsea/Westminster Manor of San Diego, Inc. partnership has arranged for residents to be temporarily relocated to accommodations including The Lafayette Hotel and the Residence Inn Gaslamp. The Chelsea/Westminster Manor of San Diego, Inc. partnership also contracted with Serving Seniors to provide a social service professional who, along with a property management representative, has been working with residents to prepare for and ease their transition to the temporary quarters.
The work will commence this month, with the relocation occurring in phases, beginning in early February. Completion is expected in September 2015.
Post-completion, the Chelsea/Westminster Manor of San Diego, Inc. partnership will work with Serving Seniors to manage services onsite as well as to encourage and inform residents to take full advantage of Serving Seniors' West Wellness Center, located only three blocks away.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
