WASHINGTON, DC—Capitol Seniors Housing, a locally-based real estate private equity firm with an exclusive focus on the senior housing space, has announced plans to open four new communities this year, including one in Fairfax, VA. It also has several other projects in the works, Scott Stewart, founder and managing partner for the company, tells GlobeSt.com.

"We are not on a massive development streak but we are going to markets that are underserved and has a demand for new product," he says. Investments in the four facilities came to $90 million.

One of the four communities the company will be opening this year actually delivered ahead of schedule and is now open: the Wellbrook South Bay in Torrance, CA, a 64,108-square foot assisted living and memory care facility with a development cost of $34 million.

Over the next 60 days it expects to deliver Arbor Terrace at Citrus Park in Tampa, FL, a 77,655-square foot facility in which it invested $20 million to develop, and the 66,341-square foot, $23 million Solana Marlboro in Marlboro, NJ.

In October it expects to deliver Arbor Terrace of Fairfax, a 48-bed memory care residence it developed for $15 million.

The company has three other projects in the pre-development phase and has its eye on developing an additional six communities in the future. The fundamentals for senior care housing are strong, Stewart says, bolstered by the lack of supply introduced, or rather not introduced, into the national pipeline during the recession. Demand is also strong because of the nation's demographics, he adds. "Senior housing is an underserved need in most communities and we want to provide a high-quality product for these people," Stewart says, adding his mother, in the last years of her life, stayed at one of the residences.

Instant Insights /

Capitol Seniors Housing Invests $90M; Plans Pipeline

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