Silverstone Breaks Ground on $75M NoVa Senior Community
- May 09, 2019
Silverstone Senior Living has begun construction on a new $75 million, 158,000-square-foot senior living community in Metro West, a mixed-use, transit-oriented development in Fairfax Va.
Located at 9490 Sprague Ave., the eight-story facility will offer 124 assisted living and 30 memory care apartments on a 1.4-acre parcel.
“The appeal of the property is its location. It is an urban location in a mixed-use development that will have access to transportation, restaurants, retail and more,” Bobby Zeiller, Silverstone Senior Living’s chief development officer, told Multi-Housing News. “Bringing senior housing to the Metro West neighborhood allows seniors to maintain their residency in Fairfax County without changing their lifestyle.”
Silverstone acquired the property from Pulte last year and expects to complete the project in 2021. It is just one of three communities the company is building in the area in 2019; the others are a $76 million community in Rockville, Md., and a $100 million community in Alexandria’s Potomac Yard. It also has a 154-unit community that opened last year in Woodbridge.
In addition to a host of top amenities, the community will boast outdoor terraces for assisted living residents, and secure terrace and outdoor seating for memory care residents.
“It is ideally located near a major transportation corridor and metro station that most adult children take to and from work,” Zeiller said. “It will allow for them to make stops and spend time with their loved ones. Metrowest is an amenity-rich area for seniors with a community center and other amenities nearby. It is an attractive location for all ages.”
A Real Need
A recent report by the National Investment Center for Seniors Housing & Care revealed that in 2029, 54 percent of middle-income seniors will have annual financial resources of $60,000 or less—falling short of the projected annual price tag of $62,000 for assisted living and out-of-pocket medical costs.
Furthermore, the amount of middle-income seniors in the U.S. is expected to grow rapidly over the next 10 years, many in need of the level of care that a senior housing community can provide.
“Based on our market research, and growing demand for senior housing, we recognized there was very limited activity in the pipeline right in the heart of Fairfax County, and we could fill it. Fairfax County has fought to bring more senior housing to the area and retain its seniors,” Zeiller added. “To do that, quality senior housing was needed in Metrowest. We are pleased with the support we’ve received to provide senior housing in a prime location.”