This week, a new assisted-living community called Cherrywood Pointe in Roseville opened for business.
The 80-apartment senior community was developed by Bloomington-based United Properties, which has made a big play in the growing senior sector. Cherrywood Pointe is located at 2996 Cleveland Avenue North, adjacent to another United Properties project called Applewood Pointe of Roseville at Langton Lake, which is described as a "senior cooperative community."
United Properties did not reveal an investment figure for Cherrywood Pointe.
Brian Carey, United Properties' executive vice president, said Cherrywood Pointe represents "a continuum of independence options [that] makes it an ideal option for seniors who want to retain their independence, and offers an easy transition if the need for more services arises."
There's more. United Properties says it's taking reservations for a second phase of Applewood Pointe in Roseville, which will add 40 more co-op homes beginning in November. The firm actually has seven metro locations of Applewood Pointe with some 1,000 residents.
Janet Moore covers commercial real estate for the Star Tribune.