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Washington, D.C.-based Capitol Seniors Housing plans to make its Indiana debut by building 172-unit apartment complex next to Hamilton Town Center in Noblesville that targets “active” seniors.
Joe McElwee, Capitol’s principal in charge of development, pitched the complex to the Noblesville City Council this week. If approved, the four-story building of one- and two-bedroom apartments would cater to tenants 55 and older.
Capitol Seniors Housing did not provide a cost or timeline for the project, and representatives from the company did not respond to requests for comment.
The proposed site at the corner of Harrel Parkway and Norell Road, immediately north of the Duluth Trading Co. retail store, is currently vacant. Mike Hartman, principal for Capitol’s active living division, said the development would provide an alternative to other senior facilities in the area.
He described active senior living as purpose-built, age-restricted housing that doesn’t focus on the more intensive care that other more expensive facilities offer.
“Ten thousand people turn 65 every day in America, [but] there’s almost no purpose-built housing for the younger senior,” he said. “(There is) plenty of purpose-built housing for the more-frail senior.”
Capitol’s rents wouldn’t include food, transportation or housekeeping costs, which many senior facilities offer. However, it would offer community features including a pool, craft room, clubhouse, resident gardens and a dog park.
McElwee said he anticipates units will rent for a 15% to 25% premium over the $1,800-$2,000 market rate for the area, meaning a tenant could pay as much as $2,500 per month for a unit.
Capitol Seniors Housing was founded in 2003 as a real estate private equity firm specializing in senior housing. Over the past two decades, it has developed more than 100 communities with over 4,250 units.
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