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DevelopmentNewsTexas

Watermark, Hines Plan 222-Unit Luxury Community in Houston

by Jeff Shaw

HOUSTON — Watermark Retirement Communities and Hines have unveiled plans for The Watermark at Houston Heights, a 222-unit independent living, assisted living and memory care community in Houston’s Greater Heights neighborhood. The seven-story property will be the tallest building in the neighborhood, with views of the downtown skyline. Two of the floors will be fully dedicated to amenity space. The Watermark at Houston Heights is the fifth addition to Watermark’s upscale Élan Collection communities. The development is scheduled for completion in January 2022. Project partners include Munoz + Albin Architecture …

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AcquisitionsAssisted LivingFinanceNewsTexas

JLL Arranges Sale of, $21.3M Financing for The Shores at Clear Lake in Houston

by Jeff Shaw

HOUSTON — JLL Capital Markets has arranged the sale of The Shores at Clear Lake, a 100-unit senior living community in Houston. JLL worked on behalf of the seller, Meridian Realty Advisors, to complete the sale to the buyer, Chicago Pacific Founders. JLL also represented the buyer to secure a $21.3 million, 10-year, floating-rate loan through Freddie Mac as part of the transaction. JLL Real Estate Capital will service that loan. Sitting on almost eight acres and totaling nearly 90,000 square feet, The Shores at Clear Lake offers 66 assisted …

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Affordable HousingDevelopmentNewsTexas

KWA Construction Builds 120-Unit Affordable Community in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — KWA Construction has completed Phase II of Columbia Renaissance Square in Fort Worth. Columbia Residential developed the 120-unit affordable senior living community for persons age 62 and above. Designed with improved energy efficiency, indoor air quality and lower utility costs, the residences are built to achieve certification by National Green Building Standard. JHP Architecture designed the three-story, 95,015-square-foot building. Purpose Built Communities, a nonprofit consulting firm, was also a partner on the project.

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AcquisitionsActive AdultNewsTexas

SLIB Brokers $18M Sale of Residence at Legacy Park Active Adult Community in Granbury, Texas

by Jeff Shaw

GRANBURY, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Residence at Legacy Park, an active adult community in Granbury, approximately 35 miles southwest of Fort Worth. Built in 2018, the community features 81 units and is restricted to residents age 55 or older. A local owner-operator looking to exit the industry sold the asset to a national group headquartered in Utah for $18 million. Matthew Alley and Bradley Clousing of SLIB handled the transaction.

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AcquisitionsNewsTexas

Chicago Pacific Founders Acquires The Shores at Clear Lake in Houston

by Jeff Shaw

HOUSTON — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., has acquired The Shores at Clear Lake, a 100-unit senior living community in Houston. Grace Management will take over the operations of the property, which is located on seven acres near Clear Lake and the NASA Johnson Space Center. The community offers assisted living and memory care services. The price and seller were not disclosed.

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AcquisitionsFloridaGeorgiaNewsTexas

Lone Star Funds Acquires 10-Property Discovery Portfolio from Healthpeak for $334M

by Jeff Shaw

DALLAS — Lone Star Funds, a Dallas-based private equity firm, has acquired a 10-property portfolio of properties operated by Discovery Senior Living in Florida, Texas and Georgia. Healthpeak (NYSE: PEAK) sold the assets for $334 million. Although the REIT disclosed the sale during its first-quarter results last week, further details, including the buyer, weren’t disclosed at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate. Discovery Senior Living retained management …

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AcquisitionsNewsSkilled NursingTexas

SLIB Brokers Sale of 108-Bed Windsor Rehabilitation Center in Terrell, Texas

by Jeff Shaw

TERRELL, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Windsor Rehabilitation & Health Care Center, a skilled nursing facility in Terrell, approximately 30 miles east of Dallas. The 108-bed facility was built in 1994. The 41,140-square-foot building sits on 5.2 acres. The seller was a regional company with this being its only community in Texas. The buyer was a national owner-operator with a large portfolio in the state. The price was not disclosed.

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DevelopmentNewsTexas

Joint Venture Plans 220-Unit Grand Living at The Grove in Austin, Texas

by Jeff Shaw

AUSTIN, Texas — Ryan Cos. US Inc., Grand Living and Castletop Capital have unveiled plans for Grand Living at The Grove, a 260,000-square-foot seniors housing community in The Grove, a mixed-use project near the Oakmont Heights neighborhood of Austin. The community will feature 186 independent and assisted living units, as well as a 34-unit memory care wing. The project will be the fourth Grand Living community in Texas. A groundbreaking ceremony is planned for summer 2022. “The Grove is the ideal location for Austin’s senior population with its dining and …

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AcquisitionsIndependent LivingNewsTexas

SLIB Negotiates Sale of Lakeland Hills Senior Living in Dallas

by Jeff Shaw

DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lakeland Hills Senior Living, a 170-unit community in Dallas. The asset was originally constructed as an independent living community. An assisted living wing was added along with cosmetic renovations in 2013. However, the assisted living units were subsequently delicensed, and the entire building was again operated as independent living. The Seller, Valstone, had recently closed on the asset in November of 2020 and had intended to stabilize. However, it was an operational outlier, so Valstone elected to instead …

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AcquisitionsNewsSkilled NursingTexas

Ensign Group Acquires 108-Bed Windsor Rehabilitation in Terrell, Texas

by Jeff Shaw

TERRELL, Texas — The Ensign Group Inc. has acquired both the real estate and operations of Windsor Rehabilitation and Healthcare, a 108-bed skilled nursing facility in Terrell, approximately 35 miles east of downtown Dallas. “We are very excited to add another operation in North Texas and believe that this newer building is poised to do great things,” says Barry Port, Ensign’s Chief Executive Officer. “We will continue to look for opportunities in Texas and are confident that our local clusters are well prepared for this addition and for additional growth.” …

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