Lend Lease Says New Senior Living Facility Filling Up 'Beyond Our Expectations'

The three-story, 122-unit Cordia Senior Residence at 5161 Foothills Blvd. was 35% leased when it was completed in late December. Now, it's over 50% leased. "Beyond our expectations," a source at Lend Lease tells GlobeSt.

To build Cordia Senior Residence, Lend Lease Real Estate Investments formed a partnership with the Senior Housing Development Corp., each paying half for the 4.3-acre property where the Class A building is located. Surrounding the property is a total of 20 acres that includes a Bel-Air grocery store, Hollywood Video, Pizza and Chinese restaurants and a KinderCare facility.

Located nearby is an apartment complex and a single-family residential community. According to a planner with the Roseville Planning Department, an area west of the Cordia is slated for more commercial use, though he did not have details.

The 109,500-sf project includes 74 independent living units and 48 assisted living units. There are 8 assisted living studios with 350 sf; 38 assisted living units with one bedroom that each have 425 sf and two assisted living units with two bedrooms and 650 sf. The center also includes six independent living studios with 450 sf, 56 independent living units with 575 sf and 12 independent living units with two bedrooms and 750 sf.

Cordia Senior Living Group, a subsidiary of Lend Lease Real Estate Investments, will retain control of the property.Boston-based Lend Lease is a global, integrated real estate management and services firm comprising funds management, project management and construction, and property development. The company has $41 billion in real estate and commercial mortgages under management for institutional and private clients in the U.S.