Harrison Street, Harbert South Bay Expand Senior Housing Portfolio With Two Projects

Features November 6, 2026| | Amy Wolff Sorter

***Patrick McGonigle, courtesy of Harbert Management Corporation***

Photo: The Palmer, courtesy of Harbert Management Corporation

Harrison Street Asset Management and Harbert Management Corporation‘s South Bay investment team joined forces to expand their senior housing portfolios. The result is what Harbert South Bay called “benchmark assets,” consisting of two luxury Class A senior communities in Pasadena, CA and Potomac, MD.

In Maryland, the joint venture broke ground in September on the Belle Mare, a 94-unit property at 9545 River Rd. The project is being built on a six-acre site that once held Behnke Nurseries, which closed down in 2014. Belle Mare will have 68 assisted living units and 26 memory care units.

Meanwhile, on the West Coast, plans are underway to break ground this month on the 80-unit Palmer, at 861 E. Walnut St. in Pasadena. The community will be situated on the site of Conrad’s restaurant, which closed down in the aftermath of the pandemic. The project on a 0.7-acre site will have 50 assisted living units and 30 memory care units.

VTBS is the architect, and WE O’Neill is the general contractor for the Palmer. Vessel Architecture and Bozzuto Construction are handling those tasks for the Belle Mare, respectively.

Construction financing for both projects is being provided by PNC Bank. The developers did not disclose total development costs, loan amounts or equity contributions. Harbert South Bay is partnering with Momentum Senior Living on its portfolio projects.

**The Belle Mare, courtesy of Harbert Management Corporation**

Patrick McGonigle of Harbert South Bay told ApartmentBuildings.com that the partnership is targeting senior housing opportunities in major metropolitan areas with supply-constrained markets and high barriers to entry.

“The entitlements for both properties were the result of a multi-year process,” added McGonigle, who is the company’s CEO.

The developments emphasize higher-end accommodations and amenities. McGonigle said that both communities will offer multiple dining venues, extensive outdoor spaces, golf simulators and high ceilings. The Palmer will also include a rooftop swimming pool.

Harbert South Bay and Harrison Street are seeking opportunities to expand their senior housing portfolios. Their efforts come as senior housing occupancy neared a record high nationally, with the majority of markets surpassing 90% during Q3, according to the National Investment Center for Seniors Housing & Care.

The organization said the occupancy trend reflects a slowdown in construction, which is likely to continue.

Harbert South Bay is also planning additional senior housing, with construction starting in 2027 in Walnut Creek, San Francisco, San Diego (Mission Valley), CA, and Newton, MA. However, it wasn’t specified whether those projects would be part of the Harrison Street joint venture.

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Brokers

Remax Real Estate Professionals

Jared Ennis

Rick Recckio

Greg Corbin

Lenders

Management

Essex Property Trust, Inc.

Josh A

Bob Tuteur

Andrew Schildcrout