CHARLOTTE, N.C. – Capstone Communities and Liberty Senior Living recently broke ground on Inspire Royal Park. Located in the Charlotte metro area of Matthews, N.C., this wellness-focused lifestyle community is designed for active and independent seniors, ages 55 and older.
With 30% of the Matthews population comprised of residents within this age range, the area presents an attractive location for Capstone Communities and Liberty to join forces to meet the evolving needs of the rapidly growing seniors demographic.
“Inspire Royal Park is built for those who prefer an engaging community-oriented lifestyle among friends without the time and financial burden of single-family home ownership,” said Jay Oglesby, president of Capstone Lifestyle Communities, the in-house senior living division for Capstone Communities. “Our spacious loft homes and freestanding cottages will offer beautiful finishes, quality amenities and targeted services with a broad range of social, fitness and wellness activities. Plus, monthly rental rates will be more affordable than the ‘one-size fits all’ pricing typical in more traditional senior living communities.”
Capstone and Liberty Senior Living are co-developers of Inspire Royal Park with Capstone leading design and construction and Liberty marketing and operating the community. The project will mark the first active seniors community for Alabama-based Capstone Communities, building on nearly 30 years of development experience in the student housing sector with 188 specialized multifamily developments targeted to students across 31 states.
Liberty Senior Living, a family-owned company based in Wilmington, N.C., brings more than 145 years of experience in the healthcare business, including development and management of Continuing Care Retirement Communities (CCRCs) that feature independent living, assisted living, memory care and skilled nursing services for seniors. Liberty owns and operates multiple senior living communities across the Charlotte market that offer higher acuity services, with their home health care company offices and a skilled nursing community to be located on site at the Matthews development.
“Our goal at Liberty is to foster whole-person wellness throughout every step of the senior living process as part of our continuum of care,” said Will Purvis, president of Liberty Senior Living. “Between this community and our other care offerings at Royal Park, we will have over 150 affiliate staff members on site providing 24-hour security, care coverage and age-targeted programming and amenities that cater to residents’ individual preferences and needs. We see strong demand for this product type and look forward to continue expanding our footprint across the Southeast, with more communities planned to open in 2021 and 2022.”
Inspire Royal Park will feature 204 residences comprised of 20 free-standing cottages with private attached garages and 184 loft apartments offering one, two, or three bedrooms. Each unit will include at least nine-foot ceilings, granite countertops, stainless steel appliances, private balconies and patios, expansive walk-in closets, laundry rooms with a full-size washer and dryer and other amenities.
The property will also be equipped with community offerings including a pool with cabanas and a lounge area, a day spa and salon, fitness camp and yoga studio, an art gallery and studio, café, breakfast bar, walking trail, dog park, bocce court, community garden and greenhouse. An on-site resident experience team will organize a robust calendar of fitness, social, cultural and educational programming, as well as concierge services, maintenance and housekeeping.
“The combination of Liberty’s broad experience in seniors housing and healthcare with Capstone Communities’ history of developing highly specialized residential properties will create a vibrant community that meets the rising demand for high-quality and moderately priced senior living,” said Dustin Warner, director at Harrison Street Real Estate Capital. “Both Capstone and Liberty are well-positioned to be innovators in the rapidly evolving seniors market.”
Harrison Street Real Estate Capital, a Chicago-based private equity real estate investment firm, will provide capital for the project, along with construction financing provided by Iberia Bank and Renasant Bank. CBI Construction Services, the in-house construction arm of Capstone Communities, will serve as the general contractor for the project.
A Liberty affiliate will manage marketing, leasing, and property management for Inspire Royal Park. Houston-based Meeks + Partners is the project architect and their in-house interiors group, MP Studio, provided design services.
Community pre-leasing of residences is expected to begin in spring 2021 with first residents taking occupancy in winter 2021. Full project completion is expected in early 2022. For more information, visit www.capstone-communities.com or www.libertyseniorliving.com.
About Capstone Communities
Capstone Communities, formerly Capstone Collegiate Communities, is a Birmingham-based commercial real estate firm specializing in development, management and construction of student, multifamily and senior housing. Capstone Communities was formed in January 2012 as part of the restructuring of Capstone Development, the most active and experienced developer of student housing in the country for more than 21 years with a portfolio that included 118 communities across 31 states, 58,000 beds and $2.7 billion project costs. Capstone Communities carries on Capstone Development’s legacy in the student housing industry while also focusing on the conventional multifamily and senior living sectors. For more information, visit www.capstonecollegiatecommunities.com.
About Liberty Senior Living
Liberty Senior Living is a family-owned company based in Wilmington, N.C. that has been helping people manage their healthcare and residential needs for over 145 years. Liberty includes divisions that develop, own, and manage the residential and care needs of seniors in their Continuing Care Retirement Communities (CCRCs) and other independent living, assisted living/memory care, and skilled nursing communities. Liberty currently owns/operates senior living communities in Asheville, Pinehurst, Charlotte, Cary, Wilmington, N.C., Nashville, Tenn., Myrtle Beach, Greenville, Lexington, and Mt. Pleasant, S.C., with new communities under development in Chapel Hill, Wilmington, Raleigh, N.C., New Orleans, La., Memphis, Tenn., Charleston, S.C., and Wellington, Fla. Liberty also owns and operates free-standing skilled nursing facilities, home health and hospice, long-term care pharmacy and a medical specialties and device division. For more information, visit www.libertyseniorliving.com.
