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.
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 …
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.
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 …
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 …
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.” …
HOUSTON — The Montrose Center has opened the doors on the Law Harrington Senior Living Center, an independent living community in Houston’s historic Third Ward. The community features 112 units available to residents 62 or older meeting mximum income requirements. The programming is specifically designed to appeal to LGBTQ seniors, making it the largest community of its kind in the United States and the first in Texas, according to Montrose Center. Development costs are estimated at $26.5 million. A ribbon-cutting ceremony will be held in June. Legacy Community Health will …
GARLAND, Texas — Locally based developer Palladium USA is underway on construction of a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. Completion is scheduled for June 2022.
LEANDER, Texas — True Connection Communities (TCC) has expanded its operating platform with the addition of Skye Luxury Senior Living, a 156-apartment independent living community in Leander, a northwestern suburb of Austin. A value-add opportunity, TCC plans to upgrade the nearly four-year-old community by improving design elements in select apartments, modifying the dining room to accommodate more dining tables, and enhancing the pool deck to create a more inviting space for residents. The community will be rebranded as Verena at Leander. True Connection Communities operates a portfolio of 13 active …
CONROE, Texas — Spectra Properties has started construction of Worthington Manor at the Lakes of Wedgewood in Conroe. Insight Senior Living will manage the property upon completion, which is scheduled for November. At more than 135,000 square feet, the community is situated on 26 acres and will include 72 assisted living apartments and 46 memory care units. The development was funded in part by the U.S. Housing and Urban Development (HUD) Federal Housing Administration (FHA).
