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, …
VIRGINIA BEACH, Va. — National Health Investors Inc. (NYSE: NHI) has funded a $42.5 million senior loan to refinance a portfolio of skilled nursing facilities located in Texas. The borrower is Capital Funding Group and the properties are leased by subsidiaries of The Ensign Group Inc. The five-year loan has an annual interest rate of 7.25 percent with two one-year extensions. NHI also announced that it has exercised its purchase option to acquire Bickford of Virginia Beach, a 60-unit assisted living and memory care community in Virginia Beach. The acquisition …
Hunt Capital Provides $13.6M in LIHTC Equity for Affordable Seniors Housing Project in Temple, Texas
TEMPLE, Texas — Hunt Capital Partners has provided $13.6 million in Low-Income Housing Tax Credit (LIHTC) equity for Mariposa Scott & White, a 140-unit affordable seniors housing project in the Central Texas city of Temple. The development will consist of four three-story buildings on a 4.5-acre site. The majority (108) of the units will be rented to households earning up to 30, 50 or 60 percent of the area median income, and the remaining 32 units will be rented at market rates. Amenities will include a pool, fitness center, business …
BEAUMONT, Texas — Buckner Retirement Services has named Aaron Ortego as executive director of Calder Woods, a continuing care retirement community in Beaumont, located east of Houston near the Louisiana border. Ortego steps in for the previous executive director, David Ummel, who now serves as executive director of one of Calder Woods’ sister communities, Buckner Westminster Place in Longview. Buckner Retirement Services operated both faith-based, nonprofit senior living communities. Prior to Calder Woods, Ortego served as CEO for Autism Services of Southwest Louisiana and Direct Care Inc. He has also …
GARLAND, Texas — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development consists of 92 units reserved for renters age 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates.
CYPRESS, Texas — MedCore Partners and ACRON USA have started the second phase of construction at Spring Cypress Senior Living in Cypress, a northwest suburb of Houston. Phase I, co-developed with Houston-based The National Realty Group, opened in 2018 and offers 80 units of assisted living and memory care. Phase II represents the addition of 138 active adult and independent living residences to include apartments, cottages, and townhomes, plus a memory care expansion of 12 units. At completion, the community will contain 230 units of luxury senior living on the …