FRISCO, Texas — Ridgeline Management Co. has taken over operations of Parsons House of Frisco, renaming the property The Ridge at Frisco. The Ridge at Frisco is a three-story assisted living community that has served the Frisco area since 2001. The Ridge at Frisco is the fourth community added to the Ridgeline’s portfolio in recent months. It joins The Peaks at Millcreek in Salt Lake City; The Ridge at Oregon City in Oregon City, Oregon; and Ridge at The Stratford in Phoenix. These communities are a part of an aggressive …
SHERMAN, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Homestead of Sherman, a 132-bed skilled nursing facility in Sherman, approximately 65 miles north of Dallas. The community totals approximately 39,211 square feet on a five-acre plot. A private partnership out of Dallas sold the community to an owner-operator from Fort Worth with 20 existing properties in the state. The price was not disclosed. Matthew Alley and Ryan Saul of SLIB handled the transaction.
RICHARDSON, Texas — Cushman & Wakefield has arranged the sale of Appletree Court, a 112-unit assisted living community located in Richardson, 15 miles north of downtown Dallas. A Cushman & Wakefield team of Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin represented the seller, Franklin Park Senior Living, in the transaction. Winterpast Capital Partners, a seniors housing investor with a captive operator platform called Vitality Senior Living, was the buyer. Marcus Investments partnered with Winterpast Capital Partners for this investment. Cushman & Wakefield arranged the acquisition financing with a …
FRISCO, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Parsons House Frisco, a 64-unit assisted living and memory care community in the Dallas suburb of Frisco. The community totals approximately 53,651 square feet on 4.1 acres of land. A regional owner-operator that wanted to divest of a non-core asset sold the asset to a family office located in the Western U.S. for an undisclosed price. The buyer plans to use Ridgline Management Co. as the operator. Matthew Alley and Jason Punzel of SLIB handled the transaction.
LEAGUE CITY and WACO, Texas — Greystone has provided a $40.4 million Fannie Mae loan to refinance debt on The Delaney at South Shore in League City, a suburb of Houston. The company also arranged a $30 million bank loan to refinance debt on The Delaney at Lake Waco in Waco, approximately midway between Dallas and Austin. The borrower in both transactions was LCS. Tyler Armstrong of Greystone originated both loans. The Fannie Mae loan for the 204-unit League City community was executed as fixed-rate, nonrecourse financing carrying a 10-year …
GRAPEVINE, Texas — Evans Senior Investments (ESI) has arranged the sale of Dancing River, an 84-unit assisted living and memory care community in Grapevine, a suburb of Dallas that includes Dallas/Fort Worth International Airport. An institutional private equity group sold the property to Inspired Healthcare Capital for $25 million, or $297,619 a unit. ESI represented the seller. Built in 2010, Dancing River went from being 93 percent to 70 percent occupied during the pandemic, but census creeped back up to pre-pandemic levels during the marketing process. “With the community recently …
CONROE, Texas — Grace Management has broken ground on The Lakes at Woodhaven Village, an active adult community in Conroe, a suburb of Houston. The 130,000-square-foot community will feature 115 units and is scheduled to open in spring 2024. The project is being developed on a five-acre plot adjacent to the 2,000-acre Grand Central Park master-planned community. Project partners include developer Padua Realty Co. and affiliated construction company Dorado Builders, Grace Management, Investwell Architects, interior design firm Lizabeth Jones Interior Design and Jordan and Skala Engineers. The community will complement …
TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant, 70-unit asset in Texas. Mainstreet originally developed the healthcare property, but did not fully complete construction prior to being foreclosed upon. The property was developed to be a turnkey, purpose-built transitional care facility, and featured very similar design features to the other two properties that Mainstreet built in Amarillo and Temple. A Texas-based investor acquired the property for $8.7 million, or $124,285 per unit, and plans to lease it to an East Coast-based skilled nursing operator. …
AUSTIN, Texas — A partnership between Minneapolis-based developer Ryan Cos. and locally based investment and management firm Castletop Capital has broken ground on a 222-unit seniors housing project in Austin. Grand Living at The Grove will be located within a larger mixed-use development and offer 186 independent living and assisted living units, as well as 36 memory care units. Residences will range in size from 450 to 1,600 square feet. The five-story community will total approximately 348,353 square feet. Completion is slated for late 2024. According to ESRI, Austin’s age- …
TOMBALL, Texas — Castle Lanterra Active Adult, a division of Castle Lanterra, has completed its third major acquisition in the active adult asset class with the purchase of Laurel at Vintage Park in the Houston suburb of Tomball. With this most recent acquisition, the firm has accumulated over $125 million of assets in the active adult sector during 2022. Coastal Ridge sold the asset for an undisclosed price. Built in 2014, Laurel at Vintage Park is a 120-unit residential community strategically positioned next to Vintage Park, a destination for businesses, …