SAN ANTONIO — Evans Senior Investments (ESI) has brokered the sale of Sodalis at Stone Oak, an assisted living and memory care community in San Antonio. The Class A property was constructed in 2017, featuring 42 assisted living and 21 memory care units. The community was 95 percent occupied and 100 percent private pay at the time of marketing. In January 2022, the operator implemented a 4 percent rate increase for all current residents and successfully implemented another lease renewal increase of 6 percent in January 2023. The buyer was …
CYPRESS, Texas — Granite Harbor Advisors, an investment advisory firm based in Houston, has hit its funding goal for its private equity offering to finance an expansion project at Spring Cypress Senior Living located in Cypress, a suburb of Houston. Spring Cypress Senior Living is an independent living, assisted living and memory care living facility. The center’s expansion project will bring 43 new independent living units split between townhomes and cottages, 95 new assisted living apartments, and 14 new memory care units. The project’s first phase is completed and has …
CARROLLTON, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 62-unit assisted living and memory care community in Carrollton, a suburb of Dallas. The community totals approximately 40,000 square feet on a 3.6-acres plot. The seller is a private equity group with a regional seniors housing portfolio. The Dallas-based buyer is a private investment group with a national seniors housing portfolio partnering with a local operator. The price was not disclosed. Matthew Alley and Jeff Binder of SLIB handled the transaction. “SLIB was able to help …
DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of an assisted living and memory care community in Dallas. The property was built in 1996 and renovated in 2020. The buyer plans to convert the property into a behavioral health facility. The seller and price were not disclosed. Additionally, Blueprint helped introduce and secure a real estate capital partner for the behavioral healthcare operator. The two parties entered into a long-term, triple-net lease on the asset and the capital partner will provide renovation capital for the operator.
HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 125-bed skilled nursing facility located in the greater Houston metropolitan area. An affiliate of Evergreen Health Group will operate the property, opening a new tenant relationship for CareTrust. The specific name and location of the property were not disclosed. Evergreen Health Group is a Texas-based operator of skilled nursing facilities primarily owned by Selina Chao, an industry veteran. Evergreen has entered into a 15-year, triple-net lease with CareTrust that includes two five-year extension options and annual CPI-based rent escalators. CareTrust’s …
SAN ANGELO, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 30-unit assisted living and memory care community in the West Texas city of San Angelo. A publicly traded REIT sold the asset, which was built in 2012. The two adjacent buildings sit on 2.8 acres, including room for future expansion. As the newest seniors housing community in San Angelo, the property historically generated strong operational performance with occupancies exceeding 85 percent in 2019, while generating cash flows of $1.5 million at a 34 percent margin …
GRAND PRAIRIE, Texas — Greysteel has arranged the sale of Wright Senior Apartments, a 154-unit affordable seniors housing property in Grand Prairie, just west of Dallas. Initially constructed in 2005, community includes 123 rent-restricted affordable units and 31 market-rate units in a mixture of studio, one- and two-bedroom units. The buyer, an experienced affordable housing owner, will continue to operate the community as an affordable housing community per the terms of the LIHTC LURA. The buyer assumed the seller’s existing HUD loan. Murphy Holloway and Doug Banerjee of Greysteel’s National …
GEORGETOWN, Texas — Watermark Retirement Communities has opened The Hacienda at Georgetown, a 231-unit luxury property in Georgetown, approximately 25 miles north of Austin. The apartments feature one- and two-bedroom options and offer independent living, assisted living, short-term stays or memory care. The Georgetown property is the latest addition to Watermark’s high-end Élan Collection. “The Hacienda at Georgetown fills the luxury senior living gap in the market created by the greater Austin area population boom,” says David Freshwater, chairman of Watermark.
TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of seven skilled nursing facilities totaling 564 beds in Central Texas and East Texas. The assets on average were built in 1969, and had an average licensed capacity of 80 beds per facility. Blueprint positioned the deal as an opportunity for an incoming owner or operator to acquire a well-established skilled nursing portfolio, integrate the facilities into an existing regional portfolio, and implement key cost control measures. The buyer was a regional owner-operator. The seller and price were not …
DALLAS — Buckner Retirement Services has selected chef Stephan Pyles as chief culinary advisor for its senior living communities in Texas. The James Beard Award-winning chef from Texas will help enhance the culinary experiences at Buckner Villas in Austin, Calder Woods in Beaumont, Parkway Place in Houston, and Buckner Westminster Place in Longview, in addition to his established advisory role with Ventana by Buckner in Dallas. Buckner previously collaborated with Pyles to craft a new type of dining experience for seniors ahead of the opening of Ventana by Buckner in …