A joint venture between Atlanta-based Galerie Living and Washington, D.C.-based Community Three has acquired the former National 4-H Conference Center in Chevy Chase, Md. for $40 million.
The two companies involved in the joint venture plan to transform the property to a senior living community with a range of amenities.
“The 12-acre former National 4-H Conference Center site is a natural fit for us,” Tim Gary, founder and CEO of Galerie Living, told Commercial Observer. “The surrounding Chevy Chase neighborhood provides proximity to both local amenities and to family members who already live in surrounding neighborhoods..”
Located on 12.2 acres just north of the District, the property was home to a nonprofit hotel and conference center, both of which have been closed since March2020.
The National 4-H Council, America’s largest youth development organization, supports national and state 4-H programs. 4-H is the nation’s largest youth development organization with research-backed programs for kids in STEM, healthy living, agriculture and civic engagement.
Jennifer L. Sirangelo, president and CEO of the National 4-H Council, announced this March that the Council’s decision to sell the property was related to COVID-19.
“The pandemic has forced us to evaluate the National 4-H Conference Center’s economic viability and its future ability to meet Cooperative Extension’s 4-H program’s needs,” she wrote. “This change will enable the National 4-H Council to continue as a strong partner to United States Department of Agriculture and Cooperative Extension and fulfill our unique role of convening the 4-H system, telling the 4-H story, and building public-private partnerships.”
This is the first senior housing community acquisition for Atlanta-based Galerie Living outside of its home base. The company’s ultimate vision is to create unexpected happiness in life by elevating the senior living experience, Gary said.
“Achieving this mission requires a strong partnership with active communities that share our passion for people, innovation, design and technology,” he said. “The Washington, D.C., area and the town of Chevy Chase, in particular, is a community that thrives on these same passions and commitment to people. Together, we are confident that we will create a beautiful community that reflects this historic site’s past and models the future of happier, healthier senior living.”
The joint venture is working closely with the Town of Chevy Chase and expects to have specifics on the project sometime in the first quarter of 2022. The development team has selected architecture firm Torti Gallas + Partners to design the project.
CBRE was the sole brokerage on the deal.
Keith Loria can be reached at Kloria@commercialobserver.com.