Leading Developers form Unique Partnership to Build Premier Senior Living Community in La Jolla, CA
La Jolla CA— Award-winning Seniors Housing developer and operator Belmont Village Senior Living and Greystar, a global leader in residential development, are breaking ground on Belmont Village Senior Living of La Jolla at 3880 Nobel Drive. The Senior Living project is Belmont Village’s thirty-second community and its third in San Diego County. The project is Belmont’s first in partnership with another developer.
“A mutual colleague brought us together – Greystar had sourced a terrific location with an entitlement history that made it a perfect opportunity for licensed seniors housing,” said Patricia Will, Belmont Village Founder and CEO. “We saw the potential of the site, and of bringing our mutual expertise together to create something really unique in independent and assisted living.”
Belmont Village and Greystar purchased the land together in March and closed on a construction loan last month. The partners have been collaborating to develop the project since late 2017. “This is really a situation where two strong developers have joined forces and 1 plus 1 equals 3,” said Jerry Brand, Greystar’s Executive Director. The partners are already at work together on a second development in San Diego County.
Belmont Village La Jolla will be a 17-story high-rise with 180 units of Independent Living, Assisted Living and Memory Care. The community will feature Belmont Village’s signature amenities and programs, including a professionally managed fitness center, full service salon and spa, private screening room, bistro for casual dining and full-service dining room, as well as personal wine storage. The dining program has been designed to satisfy a range of discerning California tastes, from southern California to the San Francisco Bay Area.
The building will include special purpose areas to cater to a variety of interests, such as a fully outfitted sports lounge and a well-equipped arts and crafts studio. Abundant outdoor areas for enjoying near-perfect San Diego weather will include terraces for dining, a fireplace and entertainment area, heated saltwater swimming pool, ocean views and private balconies on the 16th and 17th floors.
The architect on the 209,000 square foot building is Joseph Wong Design Associates and project contractor is Suffolk Construction, both based in San Diego. The development is Belmont Village’s seventh project with equity partner Harrison Street Real Estate Capital. “I’m pleased that we are able to continue to build our relationship with Harrison Street and expand our California footprint together with what promises to be a truly remarkable building in a perfect location,” said Will.
About Belmont Village
Belmont Village Senior Living is a fully integrated developer, owner and operator of high quality seniors housing communities. The company is a premier provider of independent living, assisted living and award-winning memory care in major market areas. Currently Belmont Village has 31 operating properties, comprising 4,500 units, in eight states and Mexico City. Belmont Village communities are acclaimed for their high safety standards, attractive locations and distinctive architecture; each building is custom designed to complement and enhance its surrounding community. Belmont Village provides residents with innovative programs and services that are backed by best in class research and best practices, as well as around the clock support from highly trained staff members. Belmont Village has been certified as a Great Place to Work and is ranked on FORTUNE Magazine’s Top 50 Best Workplaces in Aging Services list. For more information, please visit www.belmontvillage.com.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $165 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 536,000 units/beds, and has a robust institutional investment management platform with approximately $37.4 billion of assets under management, including over $15 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.