MCKINNEY, Texas — Draper and Kramer has acquired Adriatica Senior Living, a 121-unit rental community for active seniors in McKinney, a suburb located 30 miles north of Dallas. Built in 2017, Adriatica Senior Living offers units ranging from 806 to 1,370 square feet. The seller and price were not disclosed. The community is part of Adriatica Village, a mixed-use development modeled after a Croatian fishing village with Mediterranean-style buildings, cobblestone streets and a mix of boutiques, restaurants and entertainment. Draper and Kramer also owns and manages a neighboring multifamily property …
Texas
Gardner Capital to Open Jubilee at Texas Parkway Affordable Community in Missouri City, Texas
by Jeff Shaw
MISSOURI CITY, Texas — Gardner Capital plans to complete construction on an affordable senior community, Jubilee at Texas Parkway, in Missouri City this month. The development was made possible through affordable housing financing programs from the Texas Department of Housing and Community Affairs. The community will feature 82 garden-style apartments and is currently leasing. Citibank served as the equity investment partner as well as the construction and permanent lender, while GCRE Construction was the general contractor for the project. “Missouri City represents a vibrant and growing suburb for the Houston …
SAN ANTONIO — Cushman & Wakefield has arranged an undisclosed amount of financing for Franklin Park Alamo Heights, a seniors housing community in the upscale Alamo Heights neighborhood of San Antonio. The borrowers were Harrison Street and Franklin Park Senior Living, which completed the 221-unit property in 2017. The community offers independent living, assisted living and memory care. The Cushman & Wakefield team involved in the financing included Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin. A regional bank provided the funds, which refinance existing debt.
SilverPoint, Journey Capital Break Ground on 95-Unit Edition Senior Living in Saginaw, Texas
by Jeff Shaw
SAGINAW, Texas — SilverPoint Senior Living, a senior living management company, and Journey Capital, a seniors housing development company, have broken ground on Edition Senior Living in Saginaw, less than 10 miles north of Forth Worth. The property will feature 22 independent living cottages, 54 assisted living units and 19 memory care units on a 6.1-acre site. According to the developers, it will be the first assisted living and memory care community in Saginaw. This marks the fourth collaboration and partnership between SilverPoint and Journey Capital.
Joint Venture Starts Construction of Arista Riverstone Active Adult Project in Sugar Land, Texas
by Jeff Shaw
SUGAR LAND, Texas — A Houston-based joint venture between Buckhead Investment Partners and Zane Segal Projects has started construction of Arista Riverstone, a 142-unit active adult apartment community in the Houston suburb of Sugar Land. The project is located in Riverstone, a master-planned community along the Brazos River. The four-story building will be located on the last multifamily tract in Riverstone bordered by a lake, and will connect to Riverstone’s 20-mile fitness trail network Johnson Capital Multifamily Inc. provided an undisclosed amount of construction financing. Gonzalez Newell Bender Architects provided …
TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of four skilled nursing facilities in Texas. The properties feature a combined 340 beds. Two were built in the late 1960s and two were built in 2000. A REIT winding down its relationship with the facilities’ operator sold the facilities. Multiple undisclosed buyers acquired the properties for undisclosed prices.
DALLAS — Ziegler has arranged $77.1 million of bond financing for Presbyterian Village North, a continuing care retirement community (CCRC) in Dallas. The community sits on a 66-acre campus and currently consists of 89 buildings with 253 independent living units, 101 assisted living units, 44 memory care units and a health center operating 106 skilled nursing beds. The proceeds of the bonds will finance the cost of an expansion project that will add 112 new independent living units in a five-story building named The Hawthorne. Of the 97 units being …
CareTrust REIT Acquires Four-Property Skilled Nursing Portfolio in Metro Dallas for $47.6M
by Jeff Shaw
ROCKWALL, ROWLETT, WILLS POINT and WAXAHACHIE, Texas — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired four post-acute care facilities in the Dallas-Ft. Worth area. The REIT paid $47.6 million for the properties in an off-market transaction for $47.6 million. The portfolio consists of 554 skilled nursing beds and 24 assisted living beds, and is currently leased to operating affiliates of The Ensign Group Inc. The facilities include Beacon Harbor Healthcare & Rehabilitation in Rockwall, Rowlett Health & Rehabilitation Center in Rowlett, Crestwood Health & Rehabilitation in Wills Point and Pleasant …
DALLAS — Juliette Fowler Communities (JFC) has announced plans to construct a 144-unit independent living community, the Juliette Fowler Residences, for limited-to-moderate-wealth seniors in East Dallas. A groundbreaking for the $24 million development at the 25-acre site is planned for early 2021, with move-ins scheduled to begin in May 2022. JFC was awarded tax credit financing through The Texas Department of Housing and Community Affairs’ (TDHCA) competitive tax credit process. A 2019 study by the National Investment Center for Seniors Housing & Care (NIC) shows that 54 percent of middle-income …
DALLAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of Lakeland Hills Senior Living, a 170-unit seniors housing community in Dallas. Originally built in 1987, the community was renovated in 2013 with several additional capital investments and upgrades completed since 2016. Following a previous operator transition, the REIT owner converted over 20 percent of the assisted living units to establish Lakeland Hills as exclusively independent living. Occupancy declined immediately following the conversion, but steadily improved month-over-month as the community was repositioned as an affordable independent living provider. Blueprint …