Chelsea Investment, Westminster Manor Plan $12.5M Makeover of Downtown Seniors High-Rise
Westminster Manor, a San Diego affordable housing community for senior citizens, recently entered a brand new joint venture which will provide important financing for the property. Colliers International broke the news that Chelsea Investment Corporation was selected as the new partner in the newly created Westminster Manor LLC. Westminster Manor entered the joint venture for $28.6 million, funds that will be structured for the renovation of the building. The renovation process will add Keyser Marston Associates partner Paul Marra as the financial analyst for the project.
By Alex Girda, Associate Editor
Westminster Manor, an affordable housing community for senior citizens in downtown San Diego, recently entered a joint venture that will finance a $12.5 million renovation of the 42-year-old property. Colliers International broke the news that Chelsea Investment Corp. paid $28.6 million for its stake in a new entity, Westminster Manor L.L.C.
Westminster Manor is located at 1730 Third Ave. in San Diego. Constructed in 1972, the high-rise totals 152 affordable units that cater to seniors. The owners plan an extensive renovation, which is scheduled to start this month.
Upgrades to units will encompass bathrooms, kitchens, windows, flooring, lighting and appliances. Safety and infrastructure enhancements will include fire sprinklers, fire alarms, roofs, boilers and extensive repairs to plumbing systems and decks.
Highlights of improved resident amenities will be an expanded community room, computer room and library, along with new laundry facilities and outdoor space. The building’s exterior will get new paint, windows and signage.
Starting in February, residents will be relocated to The Lafayette Hotel and the Residence Inn Gaslamp for the duration of the renovation. The owners have retained Serving Seniors to help ease residents’ transition to the temporary quarters. The project is expected to be completed by September 2015.
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