DALLAS — The United Group of Cos. will take on property management duties at five luxury senior communities in Texas, Georgia and Indiana. The arrangement represents the latest in the organization’s expansion in this growing niche and represents the latest additions in what has been a period of growth for United Plus Property Management (UPPM), United Group’s management arm. The new deals center around three newly acquired Texas senior communities: NorthStar Georgetown, The Orchards Market Plaza and The Orchards Arlington Highlands. The organization will also manage day-to-day operations at two …
SAGINAW, Texas — Journey Capital and SilverPoint Senior Living have opened Phase I and broken ground on Phase II at Edition of Saginaw, a 6.2-acre senior living campus in Saginaw. Located in the Dallas-Fort Worth Metroxplex, Phase I includes 22 one- and two-bedroom independent living cottages. Phase II will add 74 assisted living and memory care apartments. The 57,000-square-foot expansion is slated to open fall of 2023. This will mark the fourth collaboration and partnership between SilverPoint and Journey Capital.
OKLAHOMA and TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two Class A memory care communities. The properties were built in the Oklahoma City and Dallas metro areas, delivering in 2016 and 2018. The portfolio totals 76 units. Both assets leased-up rapidly and demonstrated consistent upward trending operational performance throughout the COVID-19 pandemic, with occupancies exceeding 95 percent while generating $5.9 million in total revenue and $1.9 million in EBITDAR representing a 32.5 percent operating margin. The developer/operator sold the properties to a new partner in …
WHARTON, EL CAMPO, SCHULENBURG and YOAKUM, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of four skilled nursing facilities in South Texas. The properties total 466 beds across 112,000 square feet on 11.5 acres. Located in Wharton, El Campo, Schulenburg and Yoakum — between San Antonio and Houston — all four facilities are within 70 miles of each other. A regional owner-operator looking to consolidate its portfolio sold the properties for $39 million. The buyer is a Chicago-based owner-operator looking to expand in Texas. Matthew Alley of …
BELTON, Texas — Senior Living Investment Brokerage (SLIB) has negotiated the sale of a 114-bed skilled nursing facility in Belton, approximately midway between Auston and Waco. The facility totals approximately 31,700 square feet on approximately three acres of land. Although the price was not disclosed, SLIB notes the price equates to “somewhere in the low to mid-$80,000 range per bed.” The seller is an independent, local owner-operator looking to retire from the skilled nursing business, while the buyer is also a local owner-operator. Matthew Alley of SLIB handled the transaction. …
MCKINNEY, Texas — JLL Capital Markets has arranged a $37.5 million refinancing for Hidden Springs of McKinney, a 194-unit independent living, assisted living and memory care community in McKinney, a growing submarket in the Dallas-Fort Worth area. The borrower was a joint venture between CREC Real Estate and Madison Marquette. A life insurance company provided the non-recourse, fixed-rate loan, which features a five-year term with extension options. Completed in 2020, Hidden Springs of McKinney is approximately 30 miles northwest of Dallas anf 15 miles west of Frisco. Joel Mendes and …
DALLAS — Continuing care retirement community Edgemere Dallas and its owner-operator Lifespace Communities have entered into a forbearance agreement with UMB Bank as lender and Intercity Investment Properties as lessee. The forbearance is intended to provide the time necessary to proceed with ongoing discussions towards a consensual agreement among the parties designed to strengthen the community’s financial position for the long term and achieve a more sustainable future, according to Lifespace. During the forbearance period, the parties agree to work cooperatively to reach a consensual resolution of the bonds and …
MANSFIELD, Texas — Greystar has started pre-leasing at Album Mansfield, an active adult community in the Dallas suburb of Mansfield, with plans to start move-ins this June. Apartments come in one- and two-bedroom layouts. The number of units was not disclosed. Album Mansfield is part of a larger project that also includes conventional multifamily apartments, retail and for-sale single-family homes in a neighborhood called Watson Branch.
GRAPEVINE, Texas — Blueprint Healthcare Real Estate Advisors has arranged the placement of a new tenant at The Lodge at Bear Creek in Grapevine. The Lodge at Bear Creek was built in 2016 and is licensed for 100 beds of skilled nursing and short-term rehabilitation. Grapevine is an affluent suburb approximately 21 miles northwest of Dallas, and the facility benefits from being near two prominent regional hospitals. The owner, ServiceStar Capital Management, sought to reposition the asset with a new operator. A Utah-based management company, Eduro Healthcare, was selected as …
Columbia Residential, Renaissance Heights Open Phase II of Columbia Renaissance Square in Fort Worth
FORT WORTH, Texas — Renaissance Heights United, in partnership with Columbia Residential and Purpose Built Communities, has opened the second phase of Columbia Renaissance Square Senior Residences, an affordable seniors housing community in Fort Worth. The $21.8 million expansion is the second of three phases, and included a three-story building with 120 apartments. The apartments average 792 square feet with 96 of the units reserved for low-income seniors. Construction was certified by National Green Building Standard for improved energy efficiency, indoor air quality and lower utility costs. Project partners included …