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 …
Texas
AMARILLO, Texas — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Medical Lodge of Amarillo, an 82-bed skilled nursing facility in Amarillo. The property was 45 percent occupied at the time of acquisition. This property brings Ensign’s portfolio to 227 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.
Hunt, Envolve Receive $5.2M in Financing for Affordable Community Rehabilitation in Fort Worth
by Jeff Shaw
FORT WORTH, Texas — Hunt Capital Partners, in collaboration with Envolve Community Management LLC, has received $5.2 million in federal Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Shady Oaks Manor. Located in Fort Worth, Texas, Shady Oaks Manor is an existing LIHTC development, offering 138 affordable housing units to seniors aged 62 years and older. All units benefit from a Section 8 project-based Housing Assistance Payments rental subsidy. Originally constructed in 1979, Shady Oaks Manor was rehabilitated in 2002 utilizing tax-exempt bonds and LIHTC. …
Story Senior, MPH Partners Underway on 140-Unit Luxe at Las Colinas Project in Irving, Texas
by Jeff Shaw
IRVING, Texas — A partnership between Story Senior Ltd. and MPH Partners LLC is underway on construction of The Luxe at Las Colinas, a 140-unit active adult project in Irving. The community will span approximately 149,000 square feet and offer one- and two-bedroom units ranging in size from 644 to 1,112 square feet. Moss Construction is the general contractor for the project, which is scheduled for completion in November 2021.
GEORGETOWN, Texas — MedCore Partners and The National Realty Group (TNRG) have started construction of The Hacienda at Georgetown, a 230-unit senior living community in Georgetown, a suburb of Austin. The community sits on a 13.2-acre tract situated at the south entrance to Sun City Texas, an extensive master-planned active adult community. The resort-style senior living campus will offer 125 independent living residences, 81 assisted living apartments and 24 memory care units. The $85 million project is the first part of a two-phase, $115 million campus. The second phase will …
TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of three assisted living communities in East Texas. Two of the communities were vacant at the time of sale. The other was operational and 90 percent occupied. The portfolio totals 132 units. Dallas-based owner-operator WindRiver Cos. acquired the properties. The seller and price were not disclosed.
PLANO, Texas — Forefront Living, a faith-based, nonprofit organization providing senior living and hospice services in the Dallas area, is seeking approval from Plano city officials to develop a senior living community in West Plano. The proposed community, The Outlook at Windhaven, would provide up to 190 independent living residences: a 160-unit apartment building with underground parking and 30 cottage homes. The campus would also include a 64-unit building for assisted living and memory care services and a clubhouse building. The community would be developed on an 18.2-acre creekside site. …
Hunt Capital Partners Raises $11M in Equity for 90-Unit Mixed-Income Development in Waco, Texas
by Jeff Shaw
WACO, Texas — Hunt Capital Partners, in collaboration with co-developers Mears Development and Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50, and 60 percent of the area median income. “A recent study by the Harvard University Joint Center for Housing Studies reported that almost 49 percent …
Ziegler Arranges $131.4M Bond Financing for Development of Stevenson Oaks in Fort Worth
by Jeff Shaw
FORT WORTH, Texas — Ziegler has arranged $131.4 million in bond financing for the development of Stevenson Oaks, a planned senior living community in Fort Worth. The property will feature 172 independent living units as well as an assisted living center with 40 assisted living units and 24 memory care units. The community will be situated within Tavolo Park, a new master-planned commercial and residential project in the southwest portion of the city. The surrounding Tavolo Park development will provide two restaurants and a variety of activities for Stevenson Oaks …
FORT WORTH, Texas — Greystar Real Estate Partners has unveiled plans for Album Keller Ranch, an active adult apartment community in Forth Worth. Developed in partnership with The Carlyle Group, the 180-unit community will be the first under the Album brand. “Album was created in response to a growing demand for the freedom and convenience of modern active adult rental living at a moderate monthly cost,” says Jackie Rhone, executive director of Greystar Active Adult Apartment Homes. Album Keller Ranch is scheduled to open in spring 2021. The community is …