Avison Young Fairfield Office Closes Two Land Sales for Assisted Living/Memory Care/Independent Living Developments

11/1/17

Demonstrating the continued demand for modern senior care facilities in Fairfield County, Sean Cahill, Avison Young Principal and Managing Director of the firm’s Fairfield/Westchester office, has announced that the firm has recently closed on two land sales that pave the way for the development of more than 250 units of assisted living, memory care and independent housing for the elderly.

In the first transaction, Sean McDonnell, principal in the Fairfield/Westchester office and head of the firm’s health care real estate division, joined with Senior Associate Alison Luisi of Avison Young's Capital Markets Group to arrange the $5 million sale of a 3.81-acre site from Young’s Nurseries Inc. at 211 Danbury Road in Wilton, CT to 211 Danbury Road LLC.

The site has been approved for the development of 90 assisted living and memory care units to be operated by Sunrise Senior Living, one of the nation’s leading senior care providers with over 315 assisted living facilities throughout the United States, Canada and the United Kingdom.

In the second transaction, the team of Sean Cahill and Luisi arranged the $3.79 million sale of an 8-acre, pad ready site at 26 Beard Sawmill Road in Shelton, CT. The seller was Hawk’s Ridge of Shelton LLC and the buyer was Shelter Development LLC. The site has been approved for 160 units of assisted living, memory care and independent living housing to be operated by another leading national operator, Brightview Senior Living.

“With the 65 and older population estimated to grow by 57 percent between 2010 and 2040 according to Connecticut’s Legislative Commission on Aging report, and this demographic currently making up more than 20% of the overall Connecticut population, there is a large demand for assisted living and memory care development throughout Fairfield County and the surrounding region,” said Ms. Luisi. “We expect this appetite for new development in this sector to continue to grow as long as developers and operators are able to find sites that allow for the density they need.”

Avison Young is one of the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 80 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family and hospitality properties.

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