MOUNT LAUREL – A senior living investment and development firm plans to break ground in July on a 75,000-square-foot senior residential community here.
Capitol Seniors Housing will start construction on Arbor Terrace Mount Laurel, which will offer assisted living and memory care, and will be located near the corner of Creek and Centerton roads, the company says.
The site is next to the Laurel Creek Country Club and across Centerton Road from the Laurel Creek Corporate Center, which houses a Lockheed Martin tech center site.
The $28.4 million community will offer 88 apartments and is expected to open in September of 2018.
Planned amenities include a bistro, theater room, art studio, technology lounge, fitness/rehab center, sports theater, patio, courtyard and a two-story water feature, the company said.
The location is right near the Interstate 295 interchange, with easy access to Routes 38 and 130.
“We welcome Arbor Terrace to Mount Laurel and we look forward to the professional care services that they will provide to our seniors,” Mount Laurel Mayor Dennis E. Riley said.
Capitol Seniors Housing is a Washington, D.C.-based company, which “focuses on acquiring and investing in the development of seniors housing communities” and has a footprint in New Jersey.
“We’re continually seeking new strategic investment opportunities to improve the quality of life for seniors across the country, and New Jersey is an important region of the country for us where we identified four amazing communities which are all now in various stages of development,” said Scott Stewart, managing partner of Capitol Seniors Housing.
The development will be located next to the Laurel Acres Country Club on what is now vacant land, Stewart said. An Exxon gas station sits on the corner of Creek and Centerton roads and the development would be behind it.
Capitol Seniors Housing was founded in 2003 and along with its capital partners, Harvard Management Company and The Carlyle Group, has “successfully acquired or developed more than 90 senior housing communities and deployed over $2 billion of investment capital”, according to a company release.