The project is ADËLON Capital‘s first foray into the seniors market, the developer says in a Nov. 24 statement.
Other participants include CIMBRA Partners and United Group of Companies (United Group), whose property management arm, United Plus Property Management (UPPM) will be overseeing day-to-day operations at the new community.
“Parasol Melbourne represents our fourth project in partnership with ADËLON Capital, and we’re honored to continue this business relationship as they enter the senior housing market here in Florida,” CGC’s president and CEO Adam Broadway said in a the statement. “Melbourne, Florida is a truly special community, and we are thrilled to play a role in delivering this exciting new housing option that will benefit the region’s seniors seeking best-in-class living arrangements.”
The news release did not disclose the project’s cost.
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