CHICAGO, MASON, OH—A Chicago-based company well-known for its work in student and multifamily housing has decided to jump into the seniors housing sector, and has attracted some important backers. Officials from CA Ventures, LLC say their subsidiary CA Senior, LLC has entered into a joint venture with an affiliate of Goldman, Sachs & Co. to develop a 101-unit senior housing community in Mason, OH, a suburb of Cincinnati.

But the new community is not a one-off project. The new joint venture plans to develop 14 senior housing communities – which will include both assisted living and memory care units – across the US. CAS expects to complete the Mason community's 68 assisted living units and 33 memory care units in the summer of 2017. Senior Lifestyle Corp., a national operator of senior living communities, will manage the community.

“CA Ventures has been a leading innovator in the student housing and multifamily segments since our company's inception,” says Tom Scott, founder and chief executive officer of CA Ventures, LLC. “In partnering with established financial and operating partners like Goldman, Sachs & Co. and Senior Lifestyle, our team is well-positioned to create modern senior housing communities with the perfect balance of hospitality-level service and best-in-class healthcare options.”

“The formation of our venture is the culmination of a carefully planned effort to increase CA Ventures' presence in the senior housing sector,” adds John Dempsey, chief operating officer of CAS. “Our organization has been evaluating the space for several years and, in that time, we have been strategically assembling a high-quality team of professionals to lead the business; we look forward to developing and operating industry-leading senior housing communities across the U.S.”

Evercore Partners acted as financial advisor to CAS in the formation of the joint venture. Polsinelli acted as legal adviser to CAS. Goldman Sachs will provide the capital for the joint venture.

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Chicago-based Company Launches National Seniors Housing Venture

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