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Assisted LivingDevelopmentNewsTexas

MorningStar, Hines Prepare to Open 112-Unit Community in Houston’s River Oaks

by Jeff Shaw

HOUSTON — Denver-based operator MorningStar Senior Living and Houston-based real estate firm Hines have opened an information center at MorningStar Assisted Living & Memory Care at River Oaks in Houston. The community is scheduled to open this fall, featuring 85 assisted living units and 27 memory care suites. The six-story community is bordered by River Oaks, West University, The Texas Medical Center, Montrose, downtown and the Galleria. Its central location allows access to nearby amenities, including the Museum District, the Houston Zoo, Rice University, Levy Park and dining and shopping experiences.

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Active AdultDevelopmentNewsTexas

Cadence McShane Completes Construction of Brookwood Senior Apartments in San Antonio

by Jeff Shaw

SAN ANTONIO — Cadence McShane Construction Co. has completed Brookwood Senior Apartments in San Antonio. Mission DG is the developer of the property, which features 197 units on a six-acre site. “This project is a great addition to San Antonio in terms of active adult living communities,” says Srinath Pai Kasturi, executive vice president at Cadence McShane. “Through HUD 221(d)(4) financing, Brookwood Senior Apartments will provide moderate-income seniors with a great, amenity-rich residence at a price they can afford.” B&A Architects designed the property. Units are offered in one- and …

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Active AdultDevelopmentNewsTexas

Walker Real Estate, Chalk Hill Ventures Complete Active Adult Community in Georgetown, Texas

by Jeff Shaw

GEORGETOWN, Texas — Walker Real Estate and Chalk Hill Ventures, in collaboration with Pi Architects, Square One Consultants, Pat Berry Design and Skybeck Construction, have completed construction of an active adult community in Georgetown. Located on a 12-acre site near Rabbit Hill, NorthStar Georgetown includes 298,800 square feet of active adult living with 210 resident apartments. Roscoe Property Management is the operator.

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Affordable HousingDevelopmentFinanceNewsTexas

Bellwether Enterprise Arranges $28.9M Construction Loan for Legacy Riverside in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — Bellwether Enterprise Real Estate Capital LLC has arranged a $28.9 million loan for the construction of Legacy Riverside Senior Living Community in Fort Worth. Phil Melton and Jeff Bradley, both in Bellwether Enterprise’s Dallas office, originated the loan with Cindy Hannon of Bellwether’s Atlanta office on behalf of the borrowers, Legacy Multifamily Development and RISE Residential Construction. This is the sixth loan deal in which Bellwether Enterprise has partnered with RISE Residential since 2017. Legacy Riverside will provide 264 affordable units in north-central Fort Worth, using …

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AcquisitionsNew MexicoNewsNorth CarolinaTexas

Discovery Acquires 16 Properties, Launches New Morada Brand for Portfolio

by Jeff Shaw

BONITA SPRINGS, Fla. — Discovery Senior Living has acquired a portfolio of 16 seniors housing properties in Texas, North Carolina and New Mexico, the largest single acquisition in the Bonita Springs-based owner-operator’s history. Discovery’s partner on the acquisition was White Oak Healthcare REIT. The seller and names of the communities were not disclosed. As part of the purchase, Discovery launched a new brand — Morada Senior Living. Based in Dallas and wholly owned by Discovery, Morada will oversee the new portfolio with a dedicated management team led by a division …

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DevelopmentFinanceNewsTexas

HJ Sims Arranges $2.8M PACE Financing for Redevelopment Project in Houston

by Jeff Shaw

HOUSTON — HJ Simshas arranged $2.8 million PACE financing, a government program that funds energy efficiency and renewable energy improvements on private property, on behalf of StoneCreek Real Estate Partners. The financing will help fund construction of The StoneCreek of Copperfield, a 104-unit redevelopment of the Copperfield Racquet and Health Club, a longtime landmark of Northwest Houston for more than 30 years. The 104-unit independent living, assisted living and memory care project was announced in January. The operator will be Civitas. While assisting StoneCreek in its search for financing alternatives, …

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NewsOperationsPeopleTexas

Buckner Retirement Services Names Shane Gabis as Executive Director of Community in Beaumont, Texas

by Jeff Shaw

BEAUMONT, Texas — Buckner Retirement Services has named Shane Gabis as the executive director of Buckner Calder Woods in Beaumont, located east of Houston near the Louisiana border. Gabis previously worked for senior living provider Life Care Services in various capacities, including the past 10 years as a community executive director. He also served as a team leader in operational reviews and as a health care administrator. Located in Beaumont’s growing west end, Calder Woods is a 17-acre community providing affordable senior living. The continuing care retirement community offers a …

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DevelopmentNewsTexas

Civitas, Journey Capital Break Ground on Harvest of Aledo in Texas

by Jeff Shaw

ALEDO, Texas — Civitas Senior Living, a senior living management company, and Journey Capital, a senior housing development company, have broken ground on the Harvest of Aledo Senior Living, a luxury independent living, assisted living and memory care community in Aledo, approximately 20 miles west of Fort Worth. The development marks the third collaboration between Civitas and Journey Capital and the second Harvest Senior Living development. The new, 68,000-square-foot community will be situated on 7.5 acres featuring 20 independent living villas as well as 67 assisted living and 24 memory …

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AcquisitionsMemory CareNewsTexas

Heavenrich & Co. Arranges Sale of Pathways Memory Care in Houston

by Jeff Shaw

HOUSTON — Heavenrich & Co. has arranged the sale of Pathways Memory Care, a 60-unit skilled nursing memory care facility located in Northwest Houston. Pathways was built in 2014 on an 80-acre medical campus that includes the Kelsey Seybold Clinic and Villa Toscana, an 86-unit skilled nursing facility that Heavenrich sold in 2020. StoneGate Senior Living, a national owner-operator sold the property to an undisclosed buyer for an undisclosed price. In preparing for the sale, StoneGate converted the property to private pay, established a new operator and worked with a …

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AcquisitionsAssisted LivingNewsTexas

SLIB Brokers Sale of 167-Unit Portfolio in El Paso, Texas

by Jeff Shaw

EL PASO, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of three seniors housing communities — SunRidge of Cambria, Cielo Vista and Desert Springs — in El Paso totaling 167 units of assisted living and memory care. The communities were built in 1995, 1998 and 2000 and maintained 89 percent, 87 percent and 90 percent occupancy, respectively, at an early point of the onset of COVID-19. The seller is a debt and equity capital provider looking to divest of a non-core market, while the buyer is a …

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