Capitol Seniors Housing Acquires NJ Community
Siena in Cinnaminson Township was developed as a condo building and will be converted to apartments. The company plans to add units and a fitness area, a yoga studio and a card room.
Washington, D.C.-based senior living investment and development firm Capitol Seniors Housing has acquired the upscale active Siena, in Cinnaminson Township, N.J. Capitol Seniors Housing intends to complete the master plan for Siena.
The company will start construction this summer on a clubhouse and seven residential buildings encompassing 119 luxury homes for lease. Currently, the property at 1411 Siena Drive consists of five buildings with a total of 85 residences across 15 acres.
“The property was originally developed as a condominium complex where individuals would purchase condos,” Michael Hartman, principal, active living, Capitol Seniors Housing, told MHN.
“We saw Siena as more of a state-of-the-art active living location than a for-sale, over-55 condo site. We executed a plan to convert to a rental property and had to restructure the condominium bylaws, get approval from existing condo owners and work with the tax authority to change the property assessment methodology. The community has been repositioned as Siena Luxury Residences, delivering a clubhouse and a full activities calendar, which results in a true active living rental community that active adults will enjoy for many years to come.”
Prepared to downsize
Located across U.S. 130 from The Shoppes at Cinnaminson, Siena is representative of active living communities. This is a rapidly growing subsector of senior living appealing to adults who aren’t quite ready for traditional independent living communities.
However, they are ready to downsize from current homes and live near those with interests closely mirroring their own, according to Harman. “We’re also excited about this location and being part of the redevelopment efforts along Route 130, including new tenants in The Shoppes at Cinnaminson across the street from Siena,” he added.
Construction will begin this summer on Siena’s new, upscale clubhouse, designed to complement the community’s Tuscan-inspired architecture.
Expected complete in early 2019, it will feature a fitness center, yoga studio, great room, card room and more. Outdoors, new patio areas will provide additional room for socializing. Also included will be new landscaping and signage throughout.
Completion mid 2019
Construction on the seven residential buildings will also start this summer. That work is expected to be complete as early as the middle of 2019. Both the existing and new Siena units are two-bedroom floor plans ranging in size from 1,114 to 1,873 square feet. They will include granite countertops, plank flooring, stainless steel appliances, custom cabinetry and other contemporary finishes.
Siena will be managed by Annapolis, Md.-based Cove Property Management, whose portfolio includes properties in Washington, D.C.; Baltimore; elsewhere in Maryland and in New Jersey.
“Siena and the completion of the master plan for the community is perfectly aligned with our investment strategy and vision for our Active Living Division,” Capitol Seniors Housing managing partner Scott Stewart said. “Cinnaminson Township offers an amazing quality of life experience and is an ideal area for retirees to live.”