RICHARDSON, Texas — Cushman & Wakefield has arranged the sale of Appletree Court, a 112-unit assisted living community located in Richardson, 15 miles north of downtown Dallas.
A Cushman & Wakefield team of Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin represented the seller, Franklin Park Senior Living, in the transaction. Winterpast Capital Partners, a seniors housing investor with a captive operator platform called Vitality Senior Living, was the buyer.
Marcus Investments partnered with Winterpast Capital Partners for this investment. Cushman & Wakefield arranged the acquisition financing with a regional lender.
Appletree Court opened in 1999 and has fully recovered from the pandemic, currently at 90 percent occupancy. The buyer plans to convert a portion of the building to secure memory care to enhance resident retention and the property’s marketability. Additional planned improvements to common areas and amenities will enable the community to compete with other supply in the market for years to come, according to Cushman & Wakefield.