Silverstone Senior Living Lines up Four More Projects with $450 million Investment to Expand Footprint in Greater Washington
Luxury Senior Living Developer advancing on a $700 million portfolio of senior living communities with new investments in Tysons, North Bethesda, Reston, and Alexandria.
McLean, Virginia (October 12, 2021) – Silverstone Senior Living is advancing plans to bring its hospitality-driven brand of senior living to four new sites in the Greater Washington D.C. area, representing an investment of $450 million.
“We are excited to expand our footprint in the DC market where the demand for elevated independent and assisted living continues to be strong,” said Bobby Zeiller, vice chairman and recently named co-chief executive officer for Silverstone. “We believe our boutique-style communities with amenities and programming that is attractive to today’s aging population will position Silverstone as a premier senior living owner and developer this market.”
Silverstone is currently working through the review and approval process on four new communities, including:
The Canopy (Reston, VA) – Nestled in a mature community at 10819 Leesburg Pike in Reston, The Canopy will break ground later this year. The building will be three stories comprising 135 apartment homes offering four levels of care including active assisted living, traditional assisted living, The Bridge for mild cognitive impairment, and memory care. Residents will enjoy a wide variety of amenities such as concierge services and chef-driven restaurants. Situated on just over 22 acres, the community will also include landscaped courtyards, walking paths with fitness stations, two pickleball courts, and a kitchen garden.
“Baby Boomers are shattering the image of senior living and their demand for luxury, sophisticated design and amenities like chef-driven restaurants, bars, day spas, wellness centers, technology and expanded outdoor spaces is driving us to be more competitive,” Zeiller added.
The communities in Tysons, North Bethesda and Alexandria will feature a more urban, high-rise design and offer independent living residences.
• The Trillium (The Boro, Tysons, VA) – This new 15-story building will offer 198 residences including 118 independent living, 56 assisted living and 24 memory care units. Amenities include a high-end cafe, lounge and restaurant, a first-floor wellness center with exercise equipment, yoga studios, a day spa and salon along with several outdoor terraces and gardens.
• The Pinnacle (North Bethesda, MD) – Located directly across from the popular Pike & Rose community, The Pinnacle will be a 17-story building offering 113 independent living units, 40 assisted living units and 48 units designated for The Bridge and memory care. The community will feature multiple restaurants, a wellness center with swimming pool, fitness facility, a day spa and salon, multiple outdoor terraces and 18,000 square feet of street-level retail or restaurant space.
• The Landing Phase II (Alexandria, VA) – Phase II will be located directly adjacent toThe Landing, currently under constructionat 2620 Main Line Blvd in the Potomac Yard section of National Landing. Phase II will include an eight-story building exclusively offering independent living residences.
According to the American Seniors Housing Association (ASHA), the U.S. demand for new senior housing units has more than doubled in the last five years and it is projected to double again over the next five years. Nationally, the 80+ population is expected to grow by approximately three million people by 2026. Despite this demand, construction starts are at a 10-year low indicating a probable future undersupply.
Senior Housing News reports that the Washington, DC area is one of the three hottest senior living development markets in the U.S. with senior housing occupancy averaging just over 81% and new construction making up 7.6% of total inventory.
“As a developer of senior housing, we see these demographic trends and population growth as opportunities for solid investment. With these properties, we are prepared to deliver quality senior housing to meet demand,” Zeiller said.
In 2019, Silverstone kicked off construction with three development sites with a total investment of more than $250 million. Currently open are The Providence in Fairfax with 154 assisted living and memory care units and The Seneca in Rockville, Maryland offering 146 assisted living and memory care units. With an anticipated opening in early 2022, The Landing in Alexandria, VA will offer 163 independent, assisted living and memory care units.
ABOUT SILVERSTONE SENIOR LIVING
Founded in 2013, Silverstone Senior Living develops high-quality senior housing communities which provide independent living, assisted living and memory care services in Texas, Florida, and the Mid-Atlantic states. The principals of Silverstone have extensive experience and an excellent track record in the real estate industry. This experience includes designing, developing, managing, operating, and owning premier properties throughout the nation and across all the major asset platforms for both public and private companies. Silverstone is committed to developing and operating “best in class” communities that are as comfortable as home, luxurious as a country club, and provide the highest level of care.
For more information about Silverstone Senior Living visit www.silverstonehc.com.
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